Real estate is such a market where a well-informed decision is key. The “right time” is most important here. Buying and selling a house at the right time can easily make or break a deal for you and it’s tougher than we can think. People tend to go wrong by making a decision of buying a property without taking into consideration the forecasts that this market is entirely based on. Therefore, we come to the most important question that we as buyers or sellers may ask, “What is the right time to buy or sell?” To answer that, here are a few key points to think about:
Even if you are not looking to buy or sell immediately but may plan in a few months, start gathering as much information as possible. Schedule your visits to any open house taking place in a locality you are interested in. Talk to as many people as possible and don’t be afraid to consult agents. There may be a sudden shift in the market and that offer may work well in your favor.
Every market is different
There is not just one source, which we can rely on for all the information. We need to do our own research starting from the places around us. Real estate prices differ from location to location even within the same state, let alone the country.
Chances are that you’d need a mortgage to purchase a house, and long-term interest rates are a factor that you should take note of. It’s quite likely that as and when there’s any shift in the interest rates, potential customers would turn in.
An ideal house, as we see in pictures or in movies is big, spacious, has a backyard for the kids and pets to play, a front lawn where the flowers are in full bloom and each room has abundant light. Spring in full-bloom we may imagine. Yes, no doubt spring does its magic. And is a strong selling season but the real purchases happen from New Year’s Day to Christmas Eve. If you are in no rush, consider making an off-time sale when there are fewer options for buyers and a lesser competition for you. If your house is priced well and offers facilities it will attract customers no matter what time.
It’s not always about the money. Sometimes you have to take account of other factors too. Such as your stability, distance to work, your marriage, your family and friends. It makes no sense to buy a house right away just because it’s at a low price while none of our friends or family live around, or your marriage is falling apart or the area isn’t safe.
You should also buy a house to live in only if you feel at home there. Don’t force yourself into a decision even when you don’t feel an emotional connect with the place.