It’s no secret that Houston’s economy, with a sizeable investment in the oil and gas industry, has seen better days — and years. More than 200,000 Houstonians were laid off in 2015, and experts predict the market will stay slow until 2017 at the earliest. It’s a reality most members of the workforce never want to face, but if layoffs are affecting their family, their home’s equity could be what keeps them afloat.
If a layoff does occurs, and a homeowner finds themselves without a job, selling their home quickly may become a top priority. “Even the most financially prepared people will want to look at cutting their expenses immediately after a layoff, and drastically so,” said James Krueger, Krueger Real Estate owner. Because missing mortgage payments can significantly damage credit scores, some experts advise listing a home house as soon as possible after a large shift in income to save the owner’s credit score for future home purchases.
So if you are part of a layoff, what should you expect when selling your home relatively quickly to stave off some losses?
First, temper your expectations. With the combination of the local market and your need to sell fast, you may not be able to benefit from traditional selling strategies to optimize your profit. Rely on recent comparables in your area and be willing to make sacrifices if necessary.
Second, temper your emotions. It goes without saying that a layoff is an emotional undertaking, and selling your house in short sequence may feel overwhelming. Find a real estate agent you trust and do just that; trust them to have your best interests at heart.
Finally, temper your disappointment. Albeit unfortunate, layoffs are not insurmountable. Selling your home with good credit to cash in on its equity in hard times may be a very wise decision that sets you up for success when you get back on your feet. “Staying financially secure in a smaller home or apartment will be well worth the sacrifice next time you’re ready to buy,” Krueger said.
If you’re one of the hundreds of thousands of Houstonians looking to downsize or relocate after a layoff, trust your sale to the agents at Krueger Real Estate. Our team of selling professionals is prepared to get your home sold on a tight timeline after a job loss. Contact us today.