If you’re considering buying or selling, you may be wondering about the right time to make the jump. Sure, if there are life events that are compelling you to move, you might not have the flexibility to consider the market- but if there’s no sense of urgency, you can consider the economy and the market.
Here’s how to know when it’s time to buy or sell:
There’s no single national real estate trend: each local trend is different. It’s important to get as much information on the local market as possible. One of the best ways to do this is to hire an experienced and competent real estate agent.
Interest rates change
Interest rates are important to consider if you need a mortgage, which most people do. While rates have been low recently, who knows what the future will bring? If the rate looks like it’s about to rise, you’ll likely see a swarm of buyers in the market, as people will try to buy before the rate is too high.
Seasons aren’t stagnant
Spring is generally thought of as the most impactful real estate season, as the weather is often nice and homes may look their best. With the shift towards VR-driven real estate marketing, however, people can look at properties throughout the year without leaving the comfort of their own homes. This can make it more advantageous to sell at an off time if you’re not in a rush, as competition will be lower.
There’s more than money
There’s always more to consider than the sheer financials. Emotions and logistics- such as commute time to work- also play a large role and can stop a person from making the final move on a home.
Don’t feel pressured to rush into anything if it doesn’t feel right. Take your time and do your research.