Real Estate 101: When to Buy and When to Sell

 

Buying or selling a property is a huge decision that requires a lot of weight behind it. You should be able to sell your property when you're ready, but the market, your finances, and dozens of other items can quickly get in your way. The same goes for those who are eager to buy.

These are the top things to look for when you're considering buying or selling real estate and why they matter!

Your Finances

Are your finances stable? If they're fine, you're safe and don't have to worry about selling as quickly. If, instead, you've been struggling to cover any bills, you must take a step back and consider selling soon. Unfortunately, many homeowners buy without realizing they're digging a deep debt well for themselves. Take the time to explore yourself out of it by selling your property before it can pull you down deeper.

Upcoming Life Changes

Do you have any major life changes expected soon? Are you expecting a partner to move in with you? Are you expecting kids? If you're expecting major life changes, you must be careful about making huge decisions like selling your home. Although it's exciting and you're undoubtedly ready to cut the cord and move on with your life: selling your home is a lot of stress and time-consuming work that you'll have to put into something that may not sell immediately.

Of course, if you're moving, this can complicate things! Just remember it's possible to sell a property from out of state.

The Purpose of the Property

Is this a home that you flipped and you're itching to sell for as much profit as possible, or is this a family home you inherited that you don't want anymore? Either way, it's important to stop and consider whether it's worth rushing to market if you think you'll gain more money down the road. It might be easier to hold onto for family properties, but remember every day you wait is a slight gamble.

The Current Market Value

The market has been transforming quickly lately, with people getting different answers to the question ‘what is my home worth?' within just a day of changes. Because of this, it's a good idea to pay attention to the market trends and be aware of how this could affect your home's value in the near future.

Pay Attention to Interest Rates

Interest rates don’t fluctuate as drastically as they did in the 1980s when they hit a whopping 16%, but they do still fluctuate. So if you're considering getting a mortgage for your property when you buy it, it's vital to look at these interest rates and ask yourself if you can financially handle that or if you want to put it off for a little longer.

Think Through This Major Purchase

Although no average person buys a home on a whim, it's vital to take the time to consider everything about a property and about yourself before making that purchase. Take your time to make sure you're making the best choice for your life.