It’s easy to get caught up on the idea of waiting for that perfect moment to make a move – especially in the current market.
Do you find yourself thinking that you’ll hold out until the mortgage rates drop? Or perhaps you’re waiting for home prices to fall.
Here is what you need to consider: trying to pinpoint the right time rarely works as there has never been a perfect market.
No matter when you decide to make your move, there will be benefits and some tradeoffs. That’s not always a bad thing, just the reality.
If you’re not sure if that’s true, think back to the last 5 years of real estate.
Just a few years ago we saw mortgage rates at a historic low. When that happened, buyers rushed to buy a home and lock a lower rate. What was the side effect? With such a big increase of buyers active in the market, homes weren’t staying on the market long, and the result was many bidding wars making home prices drastically increase.
Those buyers saw a win in getting a great mortgage rate, but they had other things to contend with like paying more.
Today, we are seeing both higher rates and higher prices making it more expensive to purchase. At the same time, the number of homes for sale is at the highest point we've seen in the past few years. That means there are more options to choose from making it less likely to find yourself in a bidding war. Again, there are benefits and trade-offs in any market.
So, if you have a reason to move and can afford to financially, it’s a good idea to take advantage of the trends that work in your favor. It's important to work with an experienced professional like Forsythe Group to help you navigate the rest.
Keeping Current Matters says, “While achieving your goals may feel like an uphill battle in today’s complex market, it is doable, but you’ll need the help of a trusted real estate agent and lender.”
Forsythe Group can help you explore creative solutions – like looking into different types of housing and considering homes that may need a bit of elbow grease, or casting a wider net for your search area.
Additionally, you’ll want to work closely with your lender to see what financing options are available for you. Yahoo Finance says, “Buying a house at the time when both mortgage rates and home prices are favorable is a challenge. You probably shouldn’t try to time the housing market… Buy when it makes sense for you personally.”
The bottom line is that there is no perfect time to move. Every market has its pros and cons. Our team can partner with you, guide you and provide you with the information necessary to make your move a reality.
