These are the four things you should consider when entering the market.
Often, people buy or sell a home because of a major life event or for financial reasons. However, if you have the option of choosing when to enter the real estate market, there are a few points you should consider:
1. Every market is different. Just because the national news says that home prices are rising, homes are selling quickly, and multiple offers are common, doesn’t mean that’s what is happening in your area. Real estate markets can vary even within the same county. Timing is everything in real estate because it can impact both the sale price and your chances of submitting the winning bid. Your local agent will help you stay informed about market trends in your area.
2. Interest rates fluctuate. Most people need a mortgage to buy a home, so knowing what is going on with interest rates can only help you. Though interest rates were very low at the beginning of 2022, they’ve been increasing. Your agent can put you in touch with a local lender to get the best rate possible.
“How you look at the market depends on whether you’re a buyer, seller, or both.”
3. Seasons change. Traditionally, spring is a strong selling season. However, today’s buyers are looking at homes online every day, no matter the season. Don’t try to time the market based on old assumptions about seasons. It is more important to show your home when it is in its best condition possible. Price your home right, and it will sell, no matter what time of year you enter the market.
4. Money isn’t everything. There are practical and emotional factors to consider as well. You might qualify to buy a home now, but maybe you want to finish graduate school, you don’t want an hour-long commute, or you want to stay close to your family. Do your research and take your time. The market will still be there when you’re ready.
Remember that how you look at the market depends on whether you’re a buyer, seller, or both. If you’ve been waiting since 2020 to make a move, I can help you decide if now is the right time. If you have any questions or want to get the process started, give me a call or send an email. I look forward to hearing from you!
