Yes, this is a question we’re asked frequently, and with good reason!
All in, deciding on timing to buy or sell is a combination of two basic categories:
Current Market Conditions
Begin by reviewing and understanding the general and area specific data and trends. Understanding current market conditions nationwide and how they apply locally in New Braunfels, Wimberley, Canyon Lake, and other surrounding areas is critical to determine if you are dealing with a buyers’ or sellers’ market.
When in the market to sell or buy, a Comparative Market Analysis is a great (and necessary) place to start in gathering valuable data on the value of your property or target property.
An agent who can mesh that data with his or her hyper-local knowledge of the individual properties and areas is vital for this step. Otherwise, a surface-level glance of the market might not translate into the best actionable item.
Next up, gather information on comparable properties currently on the market. DOM, or days on market, will let you know what you’re competing against as a seller.
Alternatively, as a buyer, a larger inventory of homes for sale that have been on the market for some time might allow for a lower, more aggressive offer on the property you choose to pursue.
Lastly, tracking trends such as the future home price outlook, mortgage rate outlook, and economic factors such as inflation and job loss concern is important.
Oh, and don’t forget to weigh in with rent revenue potential, if you happen to be interested in investing in an income-producing property that won’t strictly be for personal or family use.
Your Specific Circumstances
Equally important is to merge market data and figures with your particular situation and goals.
Often, life events and career changes and transitions can force your hand on selling, even if you would otherwise stay put. If that ‘perfect’ property becomes available to you as buyer that is well-suited to your stage of life, lifestyle goals, etc, you might be inclined to put in an offer even if market conditions aren’t necessarily in your favor.
Maybe this is another way of saying that life only happens once, and that ideal real estate market conditions will rarely sync perfectly with your preferred timetable.
Be savvy, but don’t wait around until it’s too late to actually enjoy the Texas Hill Country waterfront home or vacation property of your dream.
For example, if everything else looks like a green light other than a higher then hoped for mortgage interest rate, you might consider making the move, knowing you can look into refinancing later when rates are more favorable.
This is especially true for very unique Hill Country luxury home, Canyon Lake waterfront, Guadalupe River waterfront, and Blanco River waterfront, just to name a few.
Conclusion
Determining if the time is right to buy or sell involves assessing both the current real estate market conditions as well as your specific circumstances.
Avoid focusing only on the market without considering your personal goals, timeline, stage of life, and preference.
Conversely, avoid making too quick of a decision based on personal goals and emotions without understanding the market data.
Connecting with a Hill Country real estate pro who can help you make sense of the data in light of your specific situation will allow for an informed, well-rounded decision overall.
