Four considerations you should think about before you enter the market.

About half of the real estate market is made up of people who need to buy or sell a home because of a major life event or for financial reasons. The other half can choose when to enter the market. Almost every day, someone asks me whether they should buy or sell right now. My answer is always that if the market works for your situation, then yes. However, everyone's situation is different. Here are four things you should consider before entering the real estate market:

1. Every market is different. Just because the media and national news say that prices are rising, homes are selling quickly, and every listing gets multiple offers, that doesn't mean that's happening in your particular area. Even within the greater Richmond market, there are varying home prices, competition, and demand. Marketing professionals like my team are here to help you understand the data for your area and give you an honest opinion based on facts so that you can make the right decision for your situation.

2. Changing interest rates. Most people need a mortgage to buy a home, so knowing what's happening with the interest rates can be very helpful when timing the market. Although interest rates are still at historic lows, they are expected to increase throughout the year. Our team gets weekly and sometimes daily updates from our trusted lending partners about current rates and future trends. We share this data with our clients so that they can make informed decisions about buying or selling.

   “Choosing to buy, sell, or invest in real estate is a personal decision based on your needs.”

3. Seasons change. Traditionally, spring has been the best selling or buying season. However, that trend has changed in recent years. Today’s buyers are looking online for homes every day no matter the season. Don't try to time the market based on an old assumption about seasonality. For sellers, the most important thing is to sell when you are ready and work with an agent to price your home correctly based on the market conditions. For buyers, it's important to buy when you can get the best deal for yourself and your family.

4. Money isn't everything. In addition to financial benefits, there are also practical and emotional factors to consider when buying or selling a home. Maybe you want to sell now to take advantage of the market, but you don't want to move until your kids graduate or you retire. You may qualify to buy a house now, but you can't find a new home close to your family, or you want to wait until you get a new job for more financial security. That's okay. Connect with a real estate professional to go over your needs and determine if the market is right for you. Even if you wait, homes will still be available once you're ready.

How you look at the market depends on a lot of factors. Choosing to buy, sell, or invest in real estate is a personal decision based on your needs.

If you've been considering making a move, my team and I can help you decide if now is the right time. Contact us by phone or email today for a free, no-obligation discussion about your needs. We’ll provide real-time facts and data about the market, and we won't pressure you to make any decisions. We promise a first-class, hassle-free experience from start to finish. We look forward to hearing from you.