Time the Market Right with These Questions

After much thought if you want to buy a house or not, it’s imperative to time the market right. It could be a seller’s market when you are finally ready. Interest rates could just begin to rise. But how do you know if the market conditions are just right for you? These are the questions you will have to ask in order to know the market.

  1. 1.       Do I buy now or wait?

The first step is to ask yourself whether it is a good time to buy. Asking the experts is a great place to start. Asking a professional real estate agent is ideal, because they know the market, and will have facts to back up their claim. They could tell you if houses have seen upticks in their prices recently, which neighborhoods are popular, and whatever trends the market might be seeing.

  1. How much do seasonal trends affect my results?

It’s no secret that most homes sell during spring and summer. No one enjoys driving around freezing looking at houses in winter. The result is a bunch of buyers ready to make a move come spring time. Not every single sale is the same though, because some markets may be more partial towards the unfavorable months due to some event. Ask your agent to see the data patterns influencing sales during different times of the year.

  1. Are 2015’s patterns in line with 2014’s?

Will buyer data be same as the previous years? A good agent will be able to give you historical context to answer this question. They will tell you if the rise in asking price is normal this time of year, and should advise you on your best move based on prior year’s results.

  1. How is my price range relative to the markets?

Ask your agent what your price range today will get you, and ask what it would have gotten you last year. You should look at median prices, and price per square foot.  A good agent will tell you how your home (and budget) stacks up against median prices in interested neighborhoods. They should also tell you what trade-offs you would be expecting to make for a sale now.

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