When Is the Best Time To Move? Here’s What You Should Know
When Is the Perfect Time To Move?
It’s tempting to wait for the “perfect” moment to make your move, especially in a real estate market that seems unpredictable. You might be holding out for mortgage rates to drop or for home prices to fall. But here’s the truth: waiting for the perfect market rarely works, because there’s no such thing as the perfect time to move.
Why Timing the Market Doesn’t Work
In any market, there are benefits and trade-offs. Consider the last five years in real estate:
Low-Rate Frenzy: A few years ago, mortgage rates hit historic lows. While this made borrowing cheaper, it also caused a surge of buyers, which drastically reduced housing inventory. The result? Bidding wars and skyrocketing home prices. Buyers secured great rates but faced stiff competition and often paid above asking price.
Today’s Market: Now, rates and prices are higher, which makes buying more expensive. However, the number of homes for sale has increased, offering buyers more choices and less competition. This shift allows you to explore options without the frenzy of bidding wars.
The takeaway? Every market has its pros and cons, and trying to wait for a flawless set of conditions may cause you to miss opportunities.
Why Moving Now Might Make Sense
If you have a personal reason to move and can afford to do so, it’s better to focus on the trends that work in your favor. For example:
More Inventory: With more homes on the market, you have greater selection and a better chance of finding one that suits your needs.
Less Competition: Fewer buyers mean less pressure and more negotiating power when making an offer.
By partnering with a trusted real estate agent, you can navigate these market conditions strategically. As Bankrate notes:
“The complexities of the current conditions mean that, now more than ever, it’s smart to lean on the guidance of an experienced local real estate agent.”
How an Agent and Lender Can Help
Your real estate agent and lender are invaluable resources in today’s market.
Agent Guidance: A skilled agent can help you identify creative solutions, like exploring smaller homes, considering fixer-uppers, or expanding your search area.
Lender Expertise: A lender can walk you through loan options and down payment assistance programs to help make the numbers work for your budget.
As Yahoo Finance puts it:
“Buying a house at a time when both mortgage rates and home prices are favorable is a challenge . . . Buy when it makes sense for you personally.”
There’s no perfect time to move—every market comes with its own challenges and advantages. The key is knowing how to make the most of what’s working in your favor. If you’re ready to make a move and want expert guidance, let’s connect. Together, we’ll turn today’s market conditions into an opportunity to achieve your goals.