Four things to consider before you enter the real estate market.
If you’re considering buying or selling a house, how do you know when it’s the right time? Many people buy or sell their homes because of major life events or for financial reasons. However, if you have the option of choosing when to enter the real estate market, here are four things you should consider:
1. Every market is different. Just because the national news says that prices are rising, homes are selling quickly, and multiple offers are common, that doesn’t mean that’s exactly what’s happening in your area. Real estate markets can vary even within the same county. Your local agent will help you stay informed about the market trends in your area.
2. Interest rates fluctuate. Most people need a mortgage to buy a home, so knowing what is happening with interest rates will help you. Although interest rates have been very low, they are expected to increase this year. Your agent can put you in touch with a local lender to get you the best rate possible.
3. Seasons change. Spring is traditionally a strong selling season. However, today’s buyers are looking online every day no matter the season. Don’t try to time the market based on old assumptions about the seasons. It’s more important to show your home when it’s properly prepared and you’re ready to move. Price your home right, and it will sell no matter the time of the year.
4. Money isn’t everything. There are also practical and emotional factors to consider. You might qualify to buy a home now, but you might want to finish graduate school or stay close to your family. Do your research and take your time because the market will be there when you’re ready.
If now is the right time to buy or sell, I’m always here to help and advise you. Reach out to me by phone or email. I look forward to helping you move in the right direction.