The Capital region market is hot right now. But conditions aside, the best time to buy or sell a home is when it works for you.
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No matter the condition of the market, one of the most daunting aspects is figuring out when is the best time to buy or sell a home.
Fortunately, I have good news for you. First, our Capital region market is very hot right now. With more inventory than was available only a few weeks ago, low rates, and good prices for sellers, things are looking good for those seeking to buy or sell alike.
My second piece of good news, however, will help you out regardless of a fluctuating market that can be tricky to predict and time. From my experience, the best time to buy and the best time to sell is when you need to. Holding out for the perfect time because you’re looking to maximize your return in real estate simply isn’t worth it in the majority of cases.
You can expect our Capital region market to appreciate over time; so, don’t waste years waiting for small gains that may or may not happen. Trying to predict the real estate market is a lot like trying to predict the stock market—it’s very difficult.
To illustrate this, I’d like to tell you a quick story. At Clancy Real Estate we’ve worked closely with Zillow, and I’ve even had the opportunity to meet their CEO Spencer Rascoff—a Harvard-educated investment banker. As someone who has a great deal of faith in Zillow, I myself own 1,000 shares. So back in February when they announced that they had missed earnings, the resulting drop in stock value cost me several thousand dollars.
But just two weeks ago, they came out with earnings again. Despite my confidence in the company, I didn’t want to take another blow. So, I tried to time the stock market by selling all my shares the day before they came out with earnings, and guess what—they blew earnings out of the water. Stocks went up to five bucks a share, and I missed out on $5,000 as a result of trying to predict the market.
In retrospect, this is a lesson learned. Trying to outsmart the stock market is nearly impossible, and it’s the same with real estate.
Whether it’s because of your family needs, your retirement, because you want to upsize, you want to downsize, or whatever else: the best time to buy or sell is when you need to. Base your decision on your personal needs instead of on potential investment.
If you have any questions or would like to talk to me about how I can help you buy or sell a home, feel free to give me a call or email. I’d love to hear from you.