As experienced Dallas real estate professionals, we’ve heard people say thousands of times over the years that they will buy or sell a home when it’s “the right time.” Just when is the perfect time to buy or sell a home? There are lots of factors that go into answering that question – and it isn’t all about money. Sure, the economy plays a role, but there are several considerations to mull over before you decide the time is right!
The real estate market isn’t national, each market is different. Even in the same county, one neighborhood may be “hot” with sales while another one sits with dozens of homes that won’t budge. Some homes may get tons of offers, while others get zilch – you could see this happen within a mile radius. The key to buying or selling is getting as much information about the local market as possible, and having a great real estate agent who’s up on all the shifts in the market.
Spring isn’t necessarily the time to sell. While it is still the most popular selling season, the fact is buyers are looking all year long, searching the web for great deals from January through December. Certainly your property looks its best during the spring when the flowers are fresh, the grass is green, and everything is renewed, but it’s also the most competitive season. By listing your home during an “off” season, you’ll have less competition and more potential buyers. Instead of thinking you have to sell in the spring, know that if you have your home in the best condition and price it right, you can sell it any time of year!
Consider interest rates. Mortgage rates have been at a historically low level for years now, but one thing’s for sure – they won’t stay low forever. Remember the 80’s, when interest rates were well into the double digits? You can be sure that when news breaks about a rise in interest rates, those who’ve been holding back on buying a home will make a move before rates get even higher.
It isn’t always about money. Buyers may have 20% to put down on a home, but it doesn’t mean it’s time to pull the trigger. There are other factors, both emotional and practical, to consider in some cases. For example, if a potential buyer’s job isn’t stable or elderly parents live hundreds of miles away, it’s natural to be hesitant to make this huge decision. The same is true when the future of a marriage or relationship is in question. While it’s important to have the money to buy a home, the financial aspect doesn’t paint the entire picture when it comes to buying a home.
If you’ve been tossing around the idea of selling or buying a home, keep the above in mind. Weigh the pros and cons, take your time, do your research, and most important of all, work with a trusted Dallas real estate agent.