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Although rising mortgage rates and housing shortages have made buying and selling homes risky, Page Turner is optimistic about new flippers dipping their toes into the market in 2023. “When I bought my house in 2003, interest rates were 8, 9, 10%. Interest rates right now are not at ‘heart attack’ level,” Turner says. However, she concedes that the market demands more hard work and perseverance than in past years.
“If you’re getting into flipping now, be over-aware, and don’t be so confident in your home, that it’s going to sell because it’s so beautiful,” Turner explains. “Homes are not selling themselves anymore. Real estate brokers and agents and the flippers actually have to go back to work and sell houses like I used to do before this crazy seller’s market hit a few years ago.”
The phrase “the real estate game” may have made sense when one could buy a house well over the asking price, then immediately sell it for a comfortable profit. However, according to Turner, those days are gone. “My advice is don’t think the house is going to sell itself, and it’s probably not worth what you think it is, because at this point, buyers are going to tell you what the house is worth. They’re looking for a beautiful custom look and feel for a cheaper price,” Turner says.
New episodes of “Fix My Flip” air on HGTV on Thursdays at 9 p.m. ET/PT and will be available to stream on discovery+ the same day.
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This article was originally published by a www.housedigest.com . Read the Original article here. .