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Monday, April 25, 2016

Is Waiting to Buy or Sell a Good Idea?

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A question I am often asked by buyers and sellers is, “Should I wait until next year to buy or sell my home?” It’s a difficult question to answer, and if I knew the future, I’d be the first one to tell you exactly what to do. What I do know, however, is that there is a cost to waiting to buy a property.

We have no idea where interest rates are going to go, but we do know that right now they are the lowest they’ve been in a long time. We are currently on the back-end of an 8-year increase in home prices, but we’ve never seen a 9- or 10-year period of increases in history. At some point, the market is going to flatten out, and so are home prices. Another sign of an impending market slowdown is the fact that our average days on market is up. More units are being sold, but they are taking longer to sell.

If you’re thinking about buying, you’ve got to do so before rates go up and if you’ve been thinking about selling, now is the time to get your home on the market. Prices are going to flatten out and rates are going to go up. You want to be ahead of that curve. If you’re thinking about making a move, I would be happy to have a conversation with you where we can talk about the options you have right now, and why they are only going to get worse in the future. Just give me a call or send me an email. I look forward to hearing from you!