People often ask us about market timing. When is the best
time to search for a new home? When is the best time to put our home on the
market? The real answer is that there is no real answer. Trying to play the
market is a lot like gambling. Sometimes you win, sometimes you lose, and most
of the time success is in the luck of the draw. It's best to move based on the
needs dictated by your family and job, or to become a landlord based on your
long term investment goals.
And yet... RMLS reports that in August (the most recently
compiled statistics), the inventory of homes on the market was down to its
lowest level in more than two years. That wasn't just because people weren't
putting their homes on the market, it was at least in part because sales were
up 28% compared to August 2011. And more buyers are out there needing homes.
While I still don't recommend playing the market, if you've been holding off on
putting your home up for sale, these statistics show that you might want to
start thinking about it.
Buyers might look at this and wonder, if inventory is so
low, are there enough homes out there to choose from. They're out there, but if
you're looking in a high demand area you may have to be patient while looking
and move fast and aggressively if you find it. Low interest rates are keeping
buyers active, and many of you are looking for the same thing. Despite the
occasional challenge, those interest rates are exactly why you should consider
looking now - when they go up it could make a huge difference in your
purchasing power.
As for the timing, history may show this to be one of the strongest fall selling seasons in years... but we won't know that until it's history. Traditionally a season of slowing down and settling in for the long winter, this year may be different. Sellers are encouraged by the strong market. Buyers are encouraged by unprecedented interest rates. Plus the sun is out, which has a serious impact on showings. So the answer to that question about when to get into the real estate market may be answered with one word: now.
(Also, don't pick on my luck of the draw metaphor. I'm not a big gambler.)
If you think now is the right time, or want to talk about when now might be right, then give me a call.
~Amy Seaholt
503-936-8705
amy.seaholt (at) comcast.net
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