So we are camping this weekend, but there is rain in the forecast. Should we go? We have small kids and camping in the rain may not be fun. Its risky. We decided to go and take the chance based on the weather report. This might compare to your home buying/selling scenario. Are there risks? Yes. Have you been on the fence about buying, wondering if now is the right moment to buy so you can time the market? Timing the market can be very challening. This month’s numbers clearly indicate a strengthening seller’s market. The most interesting number is the very strong trend toward more pending homes. This means that overall there are still buyers willing to pay the price for homes currently on the market causing sellers to still dictate the price of homes. However, as always, this doesn’t mean there aren’t good deals out there. 70% chance of rain is just a number- it may be better to pack up and go, because camping (and Real Estate) is often about more than just a percentage.
Based on the above stats, please review the following ideas to help guide your decisions:
IF you can find an under market value property, it is always a great time to buy. Everyone wants a deal, but the only way to find an outstanding deal is to know someone. If you are going to buy a single family home or condo on market to invest, you MUST know the area very well to determine if it is in a pocket that is highly desirable. If you find a good deal, now may be a sweet spot in the market. There are some homes that have been on the market for too long with hungry sellers and rates have dropped. As always, a careful evaluation of what your monthly mortgage will be and your future monthly rental income would reveal what your best option is.
It is a seller’s market BUT can you find a good deal? Yes. Should you wait for the perfect time to buy? Tough one. No one can time the market, you should buy when your budget fits your needs. Rates have dropped a lot with some pretty remarkable rates and there are some pretty good deals out there for homes that have been on the market for a long time. Are you prepared? Have you spoken with your mortgage professional to clearly understand what you can qualify for? Do you fully know your monthly budget? Doing these tasks can prepare you for when the time is right.
As noted above, now is a great time to sell. Home values are up, inventory is down and buyers are motivated. Stats continue to indicate we are still in a good time to sell. Remember, don’t trust Zillow’s Zestimate completely. Its good, but you’ve got to talk to an agent who can price your home accurately based on all the aspects the home represents not just an algorithm. Be sure to price competitively so you don’t get stuck on the market for very long.
If you liked these stats please reach out and let me know about it! If you have any questions about the Real Estate market or the process of buying or selling a home please contact me. Contact me today if you are ready to buy or sell a home.