When Is the Right Time to Purchase or Sell a Home?

THE WAY I SEE IT!

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Diana Olick/CNBC,com

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Stephanie Singer/National Association of Realtors

Confusing??
Who or what should you believe? How are interest rates? Low or high? Are homes selling? Yes or no?

The answer to these questions and how you respond will depend on you and your situation. If you’re planning to purchase a home, there are many to choose from. If you’re planning to sell a home, there are many to compete with. It’s a great time to buy if you’re in the market. Interest rates are good. Should you wait? That depends. Do you want to wait and see if prices will go down? But, what if prices go down and interest rates go up? What do you do then? If you have a home to sell, should you try to time the market when prices are at their peak? If prices go up and interest rates go up that could knock some buyers out of the market which results in fewer buyers and maybe longer for your home to be on the market.

The way I see it: Don’t try to time the market. If you’re buying, find the home of your dreams and make your best deal. Get your Realtor to pull the comps; study them, get pre-approved and make an offer. If you’re selling, price your home competitively, but price it to sell. Don’t let it languish on the market. Listings don’t age like a fine wine. They get old like a pair of old shoes collecting dust.