Timing is everything in real estate –this is well known. However, there are many different forms of “timing it right” when it comes to property. For example, there is the timing question when making an offer; when should you go in hard or hold off to see what the competition does? Buyers, in close consultation with their realtors, agonize over precisely that every day. And there is also the question of timing when to put your home on the market and when to start browsing the listings. Should you do that now or hold off a few years; is it best to do this in the summer or the winter?
This article will be focused on the best time to engage with the property market, as either a buyer or a seller. However, you should bear in mind that the answer is different depending on which of the two roles you take up. CityHome Collective, real estate experts that offer luxury homes in Salt Lake City, adding that the geographical question also affects timings the property market shows strong regional variations. Nevertheless, timing the property market most fundamentally comes down to whether it is a buyer’s or a seller’s market – and which of the two you are.
Buyers or Sellers?
Most simply, a seller’s market is one in which inventory is at a premium because there are fewer houses on the market than there are people looking for them. There can be several things that cause this, and you should look out for them when timing your next property move. These include low rates of construction and seller hesitancy because of a previous buyer’s market.
And a buyer’s market is, most simply, the opposite of that. In a buyer’s market selling a home becomes more difficult, and all the concessions tend to be made on the seller’s side, which means easier deals and lower prices for the buyers.
We can offer some fairly concrete tips on timing the property market, but this is absolutely the most important thing to get clear before you even begin.
Tips for Timing the Market
Beyond the obvious of “buy in a buyer’s market” and “sell in a seller’s market”, here follows advice for timing the property market right:
Know the Best Time of the Year
This was mentioned before as an important aspect of property market timing. The importance of the actual time of year is not to be underestimated. Certainly, seasonal fluctuations can even create temporary buyer’s or seller’s markets, although exploiting these does give you quite a small window of time in which to act. Geographical variations are also a crucial factor here.
This can most easily be done by looking at past data, in a particular area, for housing prices. Taking ten years as a sample, any unbroken trends you notice over that time are highly likely to continue. This could well inform the timing of your actions. However, to be even more accurate where this is concerned, it is also incredibly wise to…
Enlist the Help of an Experienced, Professional, and Local Realtor
DIY is rarely rewarded in the property. Real estate brokerages can simply do so much more than you could manage alone. And this isn’t only because of their advanced expertise, but also local knowledge derived from local data effectively analyzed. Your realtor could just have all the information needed to tell you exactly when to act.
Beyond these basic tips, too much information is required regarding your type of property, area, budget, etc., for any concrete advice to be given. Nonetheless, this is where you should start.