Unfortunately, the ride isn’t much fun if you’re thinking of buying or selling a home. In fact, it can be very confusing and frustrating. You just don’t know if “now” is the right time to make a move.
In reality, the housing market has been fluctuating for decades. Yet, people sell their homes every day for good prices, and just as many people get into their next dream home for a great price.
When you hear news of market fluctuations, there are two important things to consider.
First, a lot of media information about the housing market is national. If the housing market is trending up or down nationally, remember that it doesn’t necessarily mean that your LOCAL market is doing the same. In fact, it’s entirely possible for housing prices to be rising in your neighborhood, while they are falling nationally, and vice versa.
Second, if you’re selling your current property while buying another home, then the net effect of market fluctuations may cancel out. Say, for example, that the local market is on the upswing. You’ll probably be able to sell your current home for a good price. However, the home you purchase will likely also be priced to reflect the upswing. The same holds true when the market is down.
Personally, I showed a home just last weekend to a prospective buyer, and we were one of several waiting on a line to check it out. And it was only on the market for two hours!
So what I can say is this: buyers are literally lining up, and sellers are in a great position to reap the rewards.