“I should have waited”, “I wish I hadn’t waited”, “If only I had…”, “If only I hadn’t…”, “I don’t know if I should…”
Indecisiveness isn’t helpful in area of life and this is especially true when it comes to the buying and selling of real estate. For the most part, you will not be able to know when we are at the bottom of a market or the top of a market and anyone who tells you that they do – ask them to tell you what 10 digit phone number you are thinking of! So don’t get too hung up on knowing exactly where we are in the market cycle.
3 years ago I had buyers who felt it was the wrong time to buy and so waited until they were sure it was the right time. Since 2012-2013 was the bottom of the market it would have been the best time to buy and those who did are very happy about their timing. The ones who waited and are now looking at paying 40-50% more than they would have are the ones saying “If only I had…”
I’ve also spoken with some homeowners who want to sell their home but who ‘just want to wait a little longer’ because they have a set price they want to get and feel that it will only be another year or two before they can. But at the same time they don’t want to spend above a certain amount for their new home, which they can do in the current market….but they don’t seem to realize that when they sell in a year or two they will not be able to get the new house they want for what they would be paying now.
Here’s the bottom line – if you have life circumstances where you need to sell or buy right now, then you should approach the selling or buying process as something that it makes sense to do and you should make the most of the current market when doing so. If you don’t need to sell right now but want to upsize, downsize, move closer to family, get a vacation condo, etc. – then you need to either fully decide to make that change and commit to it or decide it is not the right time and put aside your plans until a future date. Don’t just sit in the indecisiveness because that will drive you up the wall and create unnecessary stress for you.
If your decision depends on whether the market is the best conditiont to sell or to buy right now – there is no way to know with absolute certainty what the future will hold. Chances are good that loan interest rates will be going up over the next couple years which will make monthly payments higher if you are a buyer who needs to get financing and which will likely have at least a temporary negative effect for sellers. Chances are also good that price increases will be continuing to slow and eventually level out and so as that happens sellers will not have as strong a position as they currently enjoy. These are reasons why it may not be the smartest choice to just wait.
If you still have any difficulty making a decision, please contact me so I can take you through a handful of questions that can help you in making an objective decision regarding your specific situation.