The two most asked questions in real estate are “when is it the best time to buy” and “how’s the market”. One is from the buyer and the other is from the seller. But the more important question, in my opinion, is what stage of the real estate journey are you in. That will determine whether it’s a good time to buy or sell.
Here are the different stages of real estate: Saving money for the first home, Hunting (for your home), First Home Owner stage, Second Home Owner Stage, Investing Stage, Collecting Stage(money from your investment). Some people never make it out of the Saving stage and rent forever. You need to ask yourself what stage of real estate you are in.
Beyond this, you should think about your personal state. For example, if you’re moving for a new job, then you’re in the transitional state. In a transitional state when you may not stay in the job for more than a few years (layoffs, etc.), it may not be the best time to buy, especially brand new homes because they lose value in the first two to three years and you could lose money if you do that.
Another state is the offense state, when you’re collecting or investing in real estate. Defense state is protecting the investment that you have. And the neutral state is when you’re not buying or selling and enjoying your properties and equity building.
So going back to the question–Is it a good time to buy–the answer is to think about the state that you’re in. Maybe it’s best to rent or talk to a financial advisor. And when is it a good time to sell? Again, what is your personal state? My advice is to keep the property unless you absolutely have to sell.
Don’t rely on the national headline real estate news; real estate is a micro market. You need to know your market, price well, know how to prep your house. Talk to a good local real estate agent. If you’re in the Portland, Oregon area, call me and I’ll be happy to talk to you.
Shawn Realty 