We are certainly in an incredible market right now. It is crazy with homes selling within hours and owners receiving multiple offers, where each bidder offers higher and higher to try to win.
The real estate market changes on a daily, monthly and yearly basis. It cycles up and down. It can be so fast paced that a realtor cannot keep up with all the demands of the Sellers and Buyers, and then in what seems like a moment…it will slow down and we feel like we are twiddling our thumbs. Then to add to the confusion of this fast paced market, some homes will sell in hours…while others may take several months.
So what does this have to do with why you should not wait to sell? Because as you can see you cannot predict the real estate market anymore than you can predict the stock market. Your need to sell cannot always be timed just right to get you the absolute maximum amount of money. If you are waiting for the market to hit it’s all time high…you will not know it has hit it’s all time high until it begins to drop off. And by then, you missed the peak and it may be heading downward again. There is always a trade off when buying and selling property. If you sell at the peak of the market and maximize your equity getting the most you can get, and you also need to buy you will again be buying at the peak of the market. But realize you maximized the most amount of money you could currently get for your home.
It is the same with buying at the bottom of the market. If you sell your home for less money because market prices are down, you will most likely be able to capture the savings buying back in since prices are down.
The moral of the story is this…base your need to sell on what best suits your needs at the time. Homebuying is an emotional decision…this is your HOME! You may need to downsize because the “stairs” are killing you, you may need to upsize with the growth of your family, you may need to relocate for a better job opportunity or a better neighborhood for your children. So whatever the reason is, make a smart decision based on your needs and a sound reason for making a move.