Where are we? Have we hit bottom? When is the best time to buy? or sell?
These have been the questions on the tip of everyone tongue for the past two years. Check out this graph and let’s talk about the best time to buy.
Are we hanging out between Panic and Despondency? That is what the 6:00 news makes me think. Maybe we are between Despondency and Depression? That would be great…
We don’t need and exact point of where we are. The best time to buy is between Panic and Hope. The closer to Panic you are there is some risk, but you will be collecting tax breaks that you wouldn’t have if you wait for Hope. There is less risk in Hope, but by then the prices have started going up so you may not receive the best deal in the neighborhood.
We won’t know when bottom is until we have passed it. When our prices start to increase is when we start feeling the Hope. We aren’t seeing price increases yet as a whole city. This makes me think we aren’t there yet.
The interest rates are amazing and hopefully will continue to be this way through the year. As market continues to change, so will we.
If you are selling…could you be making the worst decision? No! What a great time to get your house sold. The inventory is low, in some neighborhoods the buyers have already seen everything and are waiting for you! This means there is a great opportunity for you to sell and move into the next price range while it is at a great price and an even better interest rate.
Feel free to share this with a friend who may be thinking about buying or selling and always feel free to leave a comment. Next week I will know more about the inventory and have a comparison from January of last year to January of this year and as we head into spring, we will soon see if we have pent up inventory, which means prices will stay flat and we haven’t hit bottom, yet.
This is informative and interesting. I’m encouraged by your outlook on the housing market. Thanks for creating this blog site. I’ll be back!
Jim S. says
Great points, Amy.
I had lunch with a friend yesterday who showed me a curve exactly the same shape, seeking a bottom. He is an economist, and his point was that tools used to correct a downturn, like low interest rates, are only available before the bottom is reached. Once we’re on the up-cycle, the tools go away as no longer needed. That’s another great reason to take advantage of an awesome time to invest. Great work!