Five Signs It’s Time to Buy or Sell
Whether you’re determining the perfect time to put your home on the market or to purchase a new home, there are a number of things to consider. Many contributing factors can affect your final decision, but these five should be carefully considered:
#1: Neighboring homes selling quickly
Are homes selling in your neighborhood? If so, it can indicate that your location is highly desirable to buyers, which increases property value. Steady real estate activity in your area also indicates a probability that the market is headed upward.
#2: New construction
Is there new construction of homes, retail, business and/or schools in your community? If so, this is typically an indicator of economic growth. Such growth spurs an increase of real estate activity as an influx of people move to the community.
#3: Your budget
Your financial well-being is probably the most important thing to consider when deciding to sell or purchase a home. When selling a home, will you net enough to place a substantial down payment or will you pay cash for your next home? Will you have to obtain a larger mortgage? When purchasing a home, do you know what you truly need versus what you want in a new home?
Real estate transactions can evoke emotionally-based decisions, be careful to not overextend yourself. A professional REALTOR, along with a trusted lender, can help you determine the amount a home sale will net you, as well as the budget you have to work with when purchasing a home.
#4: Family needs
Changes to your life or the lives of family members (births, graduations, marriages, and even the more unpleasant situations like divorce and death) can result in a need to sell or buy a home. Even though statistics show there are times during a year when individuals are more apt to make a move, the extenuating circumstances above happen year round, dispelling the notion that there is a “good time” or “bad time” to sell or buy.
#5: Low interest rates and less stringent mortgage requirements
When interest rates are low and mortgage requirements less stringent, both sellers and buyers benefit. Although rates have been at an all-time low for quite some time, the lender requirements for a home loan have been so restrictive that buyers, able to afford the mortgage payments, still found themselves unable to qualify. The good news is trends are starting to show that more buyers are able to secure a loan due to less stringent guidelines—a win-win for all!
When It’s Right For You
No matter what the circumstances driving your decision to sell or purchase, the most important factor still remains unchanged: do what’s right for YOU!
If you’re considering buying or selling a home, contact the Blaser Yoakum Team for expert advice on the right time to buy at 817-328-1128.
The Blaser Yoakum Team
Brenda Blaser – 817.919.0917 and Pam Yoakum – 214.929.5535