What should you consider when trying to decide the best time to buy or sell your home?
Any stage of the property cycle can be a good time to make a move for you and your family, it really comes down to your personal circumstances.
This checklist will help you consider whether the time is right for you:
Circumstances
Purchasing a home is always a personal decision. You should put your current circumstances and ambitions ahead of any trend in the market that you think you see.
Disappointment
If you sit on the sidelines waiting for prices to fall, you could be disappointed. The lack of homes for sale is at historic lows in America right now. Owners are holding property tightly, causing competition among buyers.
Check your budget
Buy based on your needs and your budget. Don’t delay a decision simply because you fear what the market might do. If you find your dream home, make an offer.
Don’t panic buy
Purchasing a property you don’t like is the worst decision. Buyer’s remorse in property is a real thing!
Options
Check out lower priced neighborhoods if you’re financially squeezed. Many Americans have done this and decided to change jobs, or they’ve taken advantage of the work-from-home trend.
Finances
Don’t enter the market without having your finances organized. With more buyers than properties for sale in some neighborhoods, you may need to move quickly.
Local conditions
Talk to an agent about the neighborhood price trends and local market mood. They will give you insight that’s impossible to find elsewhere. Always remember, the best decision is an informed decision.