MINT HILL, NC – Many buyers and sellers look to time the real estate market just right. You might be one of those potential buyers right now. Maybe you think you should wait until the market crashes. However, if you’re ready and qualified to buy, often the best time is to buy right now.
Several buyers that didn’t buy before COVID-19 changed things might be thinking about waiting to buy. They might be waiting to shop for one of the houses for sale in Mint Hill until the real estate market crashes, or at least cools off some.
It seems that if prices bottom out, things have to become more affordable, right? The price of a home is only one factor for most buyers. Unless you’re coming to the closing table with all cash, you will also have to factor in the mortgage rate. If rates go up, it could offset any drop in prices or slowdown in home prices rising.
Timing the Market is Often Impossible
For most buyers and sellers, there is too much to consider outside of the actual real estate transaction. Maybe you could get $10K more for your larger home when downsizing to a smaller home, but waiting to time the market might cost you more in the long run.
It’s also possible, as a buyer, things could change in your life. Maybe you’re in the perfect position to buy right now. Will that be the case in six months, a year, or even two years? A career change or loss of a job could make it much more difficult to buy, along with other factors.
There isn’t a perfect time to buy or sell. The best time for both is when you’re ready, prepared, and qualified.
Sellers rush into the market right now because home prices are through the roof. However, they still need a place to live. Selling right now also means, for most, buying right now, too. Sure, you get more for your home, but you also pay more for the newer home, so are you really timing the market well?
When Should You Buy or Sell a Home?
As stated before in this article, the best time to buy or sell a home is when you’re ready, prepared, and qualified. In most cases, you might need to sell or buy due to relocating or for another reason. However, when you have a bit more control over the situation, don’t worry about timing the market correctly.
If you’re waiting for a crash, you better be sitting on a pile of cash, gold, silver, or something else valuable. Thinking back to 2008, the only people buying up properties regularly were investors. Sure, there were some buyers and sellers, but the market was difficult on both sides.
A real estate crash might help you get a better deal, but it also comes with tighter mortgage restrictions and a down economy. These factors could make it significantly harder to buy if you wait compared to buying now if you’re ready.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | email@example.com | www.1stchoicepropertiesinc.com