Working in real estate, one of the most common questions a realtor is asked is when is the right time to buy or sell. And although there is historical data that shows trends in regards to real estate movement, when to buy or sell a property isn't always just about the market conditions. This decision is intrinsically linked to your own circumstances and stage of life.
There are of course market conditions that can influence many a person's decision to buy or sell – the soon to be reduced first home buyer grants for example or the low interest rates. And if you're selling, a shortage of stock could be a benefit that sways your timing decision. On the flip side, if the current first home buyer boost swayed the decision of a person to buy their first home, the shortage of stock and increased competition for what is on the market could hamper the ability to actually get what they want. So marketplace timing may not work for everyone.
For a little while now, there has also been a shortage of more expensive properties on the market, so those who have decided now is the time to move to a larger home may also find that although they are ready to buy, the market may not be right for them. It's a balancing act this property market thing!
Real estate purchases for investment reasons is also linked to personal circumstances as well as the market. Most crucial being you need to have access to the finances that make this possible! But there are other options when you consider the market and your personal circumstances. For example, if you are wanting to downsize, maybe you can rent out your current property rather than sell it.
But whatever stage of life you are in and what you are looking for when it comes to property, don't let the market dictate how you make your real estate decisions, or where you will live. But keep basics in mind, like if you are waiting for the average property price to increase before you sell, that means you'll need to spend more to replace it. Really think about why you want to move and what you will gain by doing so, or lose by not. In this way, let your life be the decision maker for your property decisions, not the market. But regardless of how, when and why you move or buy property, make sure you speak to a professional real estate agent! On that note, I can highly recommend Century 21!