When is the best time to buy or sell a home?

Lately I am getting asked this question. First, in real estate, we have a saying, “The best time to buy a home is today, or 5 years ago.” However, I always say that the best time to buy, or sell a home, is when it is the right time for you, and your family. One thing about real estate is that it is always changing.

There are pros and cons to every market, as there is in everything in life. The past few years’ interest rates were crazy, and once-in-a-lifetime lows, but with multiple offers on almost every home, people were bidding well over the list price, and bringing that extra cash to close.

Historically speaking, real estate runs on a cycle and the best time to be a buyer is usually what I call, “Happy HallowThanksMas”. There usually aren’t as many buyers on the market during the Holi-daze so the market softens. We usually see much less competition for the available active listings. Is this always true? Well, there are 3 types of homes on the market right now.

One, we have listings that are overpriced. Usually this is because a Realtor met with the sellers previously with some comparables that supported a higher listing price. We are in a softening market. Prices ARE going down, maybe not as much, or as fast as many people were hoping, but yes, real estate stats show that homes are selling for less than they were 3 months, 6 months, a year ago.

Two, we have listings that are priced ‘right’. It means that the home is listed based on current active, pending, and recently sold homes that are comparable (actually comparable) to the home in question. A good Comparable Market Analysis (CMA) looks at all three for what the current market looks like, what the current trend is (pricing, corrections, & days on the market), and what homes have recently sold (the more recent, the better) for. The average time a home is on the market right now is 30-60 days.

Lastly, we do have homes that are still selling quickly, and with multiple offers. These homes are listed below current comparables. This market is tough for many buyers, and everyone wants to buy the most home they can within their budget.

Thinking about selling your home? Sell the home. With more people being able to work remotely we are seeing so many people move all over the place. Buy (or sell) when it is the best time for you, and your family to do so. So many people are waiting for that ‘perfect’ moment, and so many are missing the boat right now because of it.

This takes me to the obvious, take a home buyer, or home seller education class! They are in person at Marshall or Firstenberg, and/or online through zoom. For more information on upcoming classes, go to http://www.LearningToBuyAHome.com & www.FreeSellerClasses.com. The classes are always free, and always non-promotional.