Why are all of these real estate agents saying “It’s a GREAT time to buy and sell right now!“?
As a real estate agent, it seems like it is my duty, and in my best interest, to tell you that it’s ALWAYS a good time to buy or sell your house. And in my honest opinion, it actually is. Well, kind of…
Over the years, I’ve had lots of buyers who kicked themselves for not making an offer on the first house they saw and loved, simply because it was the first house. I’ve also had sellers who weren’t quite ready to sell for years, and then when the time came, the decision was rushed or forced by lifestyle factors like health or finances and they also kicked themselves for not moving sooner, when they could have enjoyed their new place.
Sometimes buyers get hung up on a specific phrase like ‘downsizing’. In many cases, what they actually need is a different floor plan to suit the next chapter of their life vs. less square footage and fewer bedrooms. Sometimes buyers get hung up on not wanting a townhouse or condo but would actually thrive and enjoy their life more without the regular maintenance that a single family home requires.
These examples solidify why it’s worth spending some time thinking about what is MOST important to YOU. You won’t be able to get EVERYTHING you want at the same time. No matter your budget, concessions will need to be made. And sometimes what you set out to find, isn’t actually what you’re looking for. You don’t need to rush into buying or selling because everyone is telling you that “now’s the time!” The right time to buy or sell is when it’s the right time for YOU.
Reach out if you have questions about how to start the buying or selling (or investing, or building) process!
Making a big decision to buy or sell can feel overwhelming to say the least. In an effort to validate my client’s feelings and help them examine their motivations to buy or sell, here’s what I encourage buyers and sellers to think about when making the decision (note: these questions are great for ANY time you’re thinking about buying or selling, not just with our current market conditions):
1. WHY do you want to move? Is it about a location? Is it about the layout of the house? Is it about cost per month? Does it have to do with lifestyle factors like maintenance or accessibility?
2. What do you like about where you’re living now?
3. What do you want to be different in the new place?
4. Is everything in order (if buying and/or borrowing for a new house) so working with a lender won’t be an issue? Meaning, no recent or impending job changes, no other large purchases on the horizon, bankruptcy filings, etc., or do you need some time to save, boost your credit score or settle in your new job for a little while longer before house hunting?
5. Do you trust your decision making abilities? What regrets from past decisions you made are still influencing your decision making today? And are those things you can listen to to guide your next big decision? Or, do you need to let go of them? Perhaps their power over your decision making was necessary to get you to where you are today, but now, are those past decisions and regrets holding you back?
The first four are pretty standard when it comes to the decision making process, and you probably either consciously or subconsciously know the answers. Sometimes writing out a pros and cons list can help you see your why’s more clearly, and will help you get more concise.
That fifth bullet though…that’s some heavy stuff. I included it because I see it play a role in clients’ house buying and selling process all. the. time.
What a solid real estate agent will do is help you look at the FACTS and educate you on the process.
While past decisions and the emotions attached to them can sway us, acknowledging them and then looking at how the process will run from start to finish can help you decide if now is the right time for you to buy or sell. And, as you’ve probably already guessed, it might not be the right time for you.
If you’re thinking about buying or selling a house, the most important things to consider are YOUR OWN PERSONAL FACTORS, whether they be financial, work related, family related, location related, floor plan/shape of the house/functionality related, outdoor space related, etc.
This is YOUR purchase, this is your sale. This is about YOU. And, an experienced real estate agent will help you navigate those conditions no matter what they are.
If now ISN’T the right time for you, no worries. Don’t let the buying and selling journeys of others make you feel like you’re missing out. How can you love the space you’re in and simultaneously work toward your goal of a new place? Do you need to purge some junk? Sell some of your stuff that you no longer love and save up that cash for your down payment? Take charge of your personal finances and get yourself in a position to buy in the next year or so? Maybe you just need a good weekend of power cleaning and a fresh coat of paint.
No matter where you are on your housing journey, we are here for you.
We’ve got tips for DIY, great book recommendations on personal finance, names of awesome lenders and builders we work with all the time, and all of the up-to-the-minute real estate info you can handle. Drop us a line and we’ll find a time to connect and see how we can help.