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Is NOW The Right Time
The question we all want answered: is NOW the right time to buy or sell? Well, unfortunately its not that simple. Many different factors go into when you should be consider to make the big move including:
When it comes to the market, be careful not to look too broad. Often times you will hear a friend or the media say "This market is hot!" Well, which market is that? Because a market can vary wildly from one side of the country to another. In fact, it can vary just from county to county, or even neighborhood to neighborhood! The best thing you can do is speak with a strong, local Realtor® and ask him to help you decode the numbers.
The interest rate has huge bearing on your decision. We are currently experiencing some of the lowest interest rates the country has ever seen, but it can be only a matter of time until that changes. Every year, we face the threat of growing interest rates, and when rates are down it means it's easier for you to buy, and easier for someone else to buy your home.
-Time of Year
There is a pattern that emerges every year. Spring/Summer is historically the "best" time to sell your home as the largest number of people are moving during these seasons. The sellers want to sell during these times. However, that doesn't mean there isn't an opportunity to BUY during the "slower" months. If you're not in a rush, waiting for the fall/winter months can be a great opportunity as there is less competition amongst buyers, and therefore better prices.
This ones probably obvious, but money plays a HUGE factor. If a potential buyer is weary he may lose his job, waiting may be the best option. Vice versa, if a potential seller knows he stands to make less money by waiting, then he may become more motivated to sell sooner. The shear effects that money has on the decision to buy and sell are staggering. Again, I recommend speaking to local, professional Realtor® and having them help to analyze your situation and options
With so many different factors on "When?!" there is one thing to remember above all else: We can't predict the future. You never know what tomorrow holds, and you can only make informed decisions based on the information you currently have. Speak with an agent, assess your situation and all of your options, and more often than not, you will see that the answer to "When" becomes much clearer.
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