Is it the right time to make a move?
In such an unusual year, many of you are still trying to figure out if now is the right time to make a move.
I’d like to share with you a couple of the sentiments that I’ve been hearing amongst my agent network for
buyers who are sitting on the sidelines or sellers who are waiting to list.
To my potential sellers,
1. Selling in a down market means you can buy in a down market. If you list now, you might sell a bit lower but you can buy so much more with it. Think of the home — and that balcony or home office — you can now buy at a discount.
2. Active buyers are more serious than ever before. People have spent the last 5 months realizing the inadequacies of their home. The buyers who are looking right now, in the middle of Covid-19, are very motivated to get a transaction done and take advantage of the historically low mortgage rates.
3. Price so that the market chases you up, not down. If you don’t price correctly, chances are buyers will not bid — and they may not even view.
4. We don’t know what the future holds. Don’t take this buyer demand for granted. This unprecedented year is far from over — the election and ongoing pandemic could freeze real estate activity again, making it harder to sell afterward. And if your home may require some home improvement services to shine, it’s time to take advantage of this moment when we know that contractors are still allowed inside the home.
To my buyers-in-wait,
1. Its likely prices will go up because of inflation. After an unprecedented government stimulus, expect inflation sooner or later. Investing in real estate is a great hedge against that.
2. Interest rates are at historic lows — but don’t take that for granted. Requirements and rates will worsen at some point.
3. There’s real value in comfort and security right now. What matters more to you: trying to time the bottom of the market, or finding the right home that’ll make you and your family feel comfortable and safe during this time?
4. Try to avoid the “wait and see” mentality. Nobody buys at the bottom — and knows it. Focus on quality as your priority: the best deal on the best match that meets your needs for years to come.
As always, if you'd like a more tailored look at how the market is playing out in your desired neighborhood, just send us an email. One of our team members that is knowledgable in your desired area will be in touch.
The Costello Group