Everyone’s situation is different and so is their ideal time to sell.
Today I’ll discuss whether it’s a good time to sell or buy right now. A realtor’s answer is only one of the things you need to consider. You also need to ask yourself some questions about your current situation and examine your finances to understand if it’s a good time to buy or sell.
The first thing to ask yourself is, “Why do I want to move?” Consider what the pain points of staying where you’re living right now are. Once you have a good answer, make sure you communicate it with your lender and Realtor. You should also ask yourself how long you plan to stay in your next home. That’s a very important thing to know so your Realtor can give you solid advice on buying vs. renting. The longer you stay in a house, the more money you will make from the eventual sale. Too short of a stay and you could simply lose money.
Learn what the current interest rates are. Right now, money is cheap, so it’s an ideal time to buy. If you’re going to stay somewhere for a long time, the rising and falling equity isn’t that important because you’re borrowing so cheaply.
A few more questions to ask yourself: Can you afford the down payment? Does the monthly payment fit your budget? A great exercise for first-time homebuyers is to practice making monthly payments for six months to see if it’s feasible for you. If you can’t handle it, keep practicing until you can, get a second job, or reduce your expectations on what you’re going to be purchasing.
If you’re planning on selling a home first, what are you going to be able to take away from the sale? Many people just see the gap between the two home prices, but selling a home isn’t free so find out what your net profit is.
If you want to have a longer conversation with me or one of my agents to help you navigate your situation, please reach out to us. We look forward to hearing from you.