Is Now Really the Right Time to Buy or Sell a Home?

You've heard Realtors, investors, family, friends, neighbors, co-workers, and your distant cousin tell you that now is the right time to buy real estate.  On the flip side, homeowners who want to sell their homes feel that they have to continue holding on longer and "wait it out."

So, is it REALLY the right time to buy or sell a home?  Well, it depends.

It depends on what your family goals are.  It depends on what your career goals are.  It depends on what your financial situation is currently as well as what you may project out in the coming years.  It depends on your social relationship status.  It depends on many, many factors that play into the decision to buy or sell.

Gosh, with all of that to think about, why bother talking about it anymore?  Some people may just put off the conversation right at this point.

But the discussion doesn't have to be difficult.  In fact, it actually is quite liberating.  Rather than it being more of a Q&A session, I believe it's best to talk through your thoughts with someone who has "been there and done that" in real estate, both as a consumer as well as a professional in the industry.  Perhaps talk to more than one qualified person to get different perspectives on it, too.

I often get asked this question A LOT about whether it's the right time to buy or sell.  Unlike a lot of agents out there, my first answer is never simply, "Yes, it is!"  It doesn't and shouldn't work that way.  Just because prices are lower than what they were 5 years ago doesn't mean that it's the right time to buy for YOU; likewise, it doesn't mean that you HAVE to wait to sell your home either.

I've been approached by several people over the past couple of years who have been struggling to make ends meet, or who have gone back to school to switch careers after being laid off from their jobs, or who live a very care-free lifestyle and are now thinking about buying because everyone around them is saying to do so.  After talking with these people, some of them had decided to hold off on buying or selling, while others realized that they'd have plenty to gain by buying or selling a home now.  Either way, it's the dialogue that occurs with a qualified person that ultimately allows you to decide what is best for you.

One thing to keep in mind: No one has a crystal ball that can tell you whether prices will go up or down in the coming weeks, months, or years.  No one can predict whether mortgage interest rates will increase or decrease by the time you find a home to purchase or are ready to sell.  Yes, there are several different market indicators that you can rely upon.  But if there's anything that I learned from my Macroeconomics class up at Berkeley many, many moons ago, it's that several things can and will trigger the direction of the economy.

One thing is for certain: the real estate market is indeed impacted by the overall economy, so I believe it is important to consider economic factors in your decision to buy or sell.

So if you're wondering about whether buying or selling a home now is right for you, make sure that you have that intelligent conversation with the right person who will listen and provide valuable feedback to you.