One of the most-asked questions I hear from buyers, sellers, and investors alike is, “When is the best time to buy or sell real estate?”
I’d love to be able to pinpoint a date or week or month for you, but in reality, there isn’t one. This is a question where the answer stays the same all the time.
There are many variables that go into buying and selling, but one that a lot of people don’t consider is mortgage rates. If you’ve been watching them, you notice that they bounce around a lot. They tend to fluctuate daily more than people realize. Even though the changes can be small, they can represent a huge change to a buyer’s purchasing power.
Why do rates matter to a seller? It affects your buyer pool and how many people can qualify to purchase your home. Some people might get priced out in a market with high rates. You don’t have any control over this variable, so it really makes it impossible to “time” the market.
National and state real estate trends are the averages of millions of transactions. When you boil it down to a few numbers, a lot of the details get lost. It’s important to look at what’s happening in your local market especially.
This brings me to my last point. Your personal circumstances really matter. What is your family situation? What are your goals? Where are your kids at in their life?
When we are asking these questions, it’s important to remember that your circumstances matter a lot. We have to weigh them quite heavily. This isn’t just a one-time decision, it’s the beginning of a huge transition. We take a look at the uniqueness of each situation and the factors that they’re trying to accomplish and make goals based on that.
In the end, it’s never a bad or good time to sell unless it’s a bad or good time for you. If you were looking for a precise answer, I’m sorry to disappoint you. However, I hope you better understand the process after reading this.
If you have any questions for me in the meantime about buying a home, selling a home, or real estate in general, don’t hesitate to give me a call or send me an email.