1. Every market is different. Just because the national news says that homes are appreciating rapidly, selling quickly, and getting multiple offers, doesn’t mean that’s what is happening in your area. Real estate markets can vary even within the same county. Timing is everything in real estate because it can impact both the sale price and your chances of submitting the winning bid. Your local agent will help you stay informed about market trends in your area.
2. Interest rates fluctuate. Most people need a mortgage to buy a home, so knowing what is going on with interest rates can only help you. Though interest rates have been very low, they’re expected to increase in 2022. Your agent can put you in touch with a local lender to get the best rate possible.
3. Seasons change. Traditionally, spring is a strong selling season. However, today’s buyers are looking at homes online every day, no matter the season. Don’t try to time the market based on old assumptions about seasons. It is more important to show your home when it is in its best condition possible. Price your home right and it will sell, no matter what time of year you enter the market.
4. Money isn’t everything. There are practical and emotional factors to consider as well. You might qualify to buy a home now, but maybe you want to finish graduate school, you don’t want an hour-long commute, or you want to stay close to your family. Do your research and take your time. The market will still be there when you’re ready.