When is the Right Time to Buy or Sell?
That is the ultimate question – timing in the market for buyers and sellers. When is the right time to buy and when is the right time to sell? Folks moving to or from the Naples real estate market ask me this all the time and it’s all based on what the other is doing. Sellers look for buyers that are buying high with escalation clauses when mortgage rates are low and buyers are waiting for sellers to drop that price even more. But really it’s the future of mortgage rates that’s the most important and in August rates drop to just slightly but is that enough to push buyers into the market or sellers to list?
Here’s what I’ve always said to buyers and sellers in Naples; buy or sell when the time is right. If it doesn’t make sense to sell or you don’t need to sell now is probably not the best time. We prefer serious sellers that are ready to get rid of their property and sell at the right price. If you’re simply testing the buyers than you’re only saturating the market making all of the homes across the board drop in value even more.
And buyers, although buying can be slightly more candid as to when they buy, still should only do so if it meets their needs and their budget currently. Check with a local real estate lender to find out how much home you can afford and if it makes sense for your budget and your lifestyle. If you’re looking to downsize or upgrade, now may be a perfect time to jump on the market before rates tip over the 5% mark. We are currently in a somewhat sellers’ market but you never know where the future is going to go in usually it goes up. We’ve already had our lowest price at the bottom of the market just a couple of years ago and have slowly been inching up so if it makes sense to buy now I certainly wouldn’t wait too much longer.
Sellers for the same reason shouldn’t wait too much longer since buyers will not be buying within the next six months to the degree that they are purchasing now. With the new home builders and developments going up many homebuyers will want new construction so selling existing resell homes now might be the key to getting the price that you want.
For more information about buying and selling in the Naples real estate market call our office today. Our agents and brokers specialize in getting you exactly what you’re looking for in the price that make sense.
