Looking to “make a move” … then what are you waiting for?
I know the market has been a bit challenging for both buyers and sellers no doubt, the uncertainty of so much these days lends many to “take a pause”. Perhaps you are a buyer wanting to purchase a home, but with home prices not coming down, and interest rates still on the rise – you may be thinking … I’m going to put my home purchase plans on hold for a while and wait it out. If you have that crystal ball to know when that might be … please do share! 🙂
If you are seller, you couldn’t be in a better position right now to sell your home if that is your desire, since the equity gained in your home right now is probably more then you even thought possible. That’s what happens when supply doesn’t meet buyer demand it becomes a seller’s market. But wait … I need to purchase a home, after my home sells – how is this going to work for me right now you might ask? Let’s think about that for a moment … you must know, as I do – you can’t have it both ways, right? If you sell high … which in today’s market you most certainly will, and now, might I just say … may be one of the best times. Today many home sellers are receiving multiple offers, well over asking (if priced correctly) and in turn will put that equity gained into their new home purchase.
So, let’s look at the BIG picture, to shed a little perspective. When it’s a seller’s market, that is where you gain the most value from your home sale – you will then turn around and put the equity you just received on your home sale, on your home purchase – right. IF we were in a different market and you were to buy low, you are also going to find yourself selling low, thereby you would not have as much equity to put down on your new home purchase – because you sold lower than you would have had in a seller’s market. Get the picture … it’s all relative!
If you are a renter, you may want to think about the money you are wasting, helping your landlord pay off his/her mortgage, building their equity rather than building your own equity in your first home. And with rental prices as high as they are, it just doesn’t make sense to rent, when you can own.
It all needs to make financial sense no doubt, but all in all the real question you want to ask yourself is … why you are wanting to “make the move” – it always should come down to your why that will give you clarity on how best to move forward or not. But we all can agree that we cannot predict the future (no crystal ball here) – so how long will you decide to wait on the market? Are you a first-time home buyer, move-up buyer, or someone who is looking to downsize/upsize, or perhaps you would like to move closer to friends and family. All are very good reasons to “make the move” – so place more emphasis on your why rather than gamble with a market we have NO control over.
If you’ve missed it … here is the First Half 2023 Market Watch
Any questions don’t hesitate to reach out. I am here to help!
Laura
The Key To Your Real Estate Success
Helping buyers and seller achieve their real estate goals