Predicting the Real Estate Market
You can’t see into the future, but you can make an informed decision. Buying or selling a home at the ‘right time’ is tougher than it sounds. People usually take these actions because of a life event or financial issues. The economy and real estate forecasts tend to be secondary considerations. Yet both buyers and sellers often pose the question, “When is the best time to buy or sell?” If you have the luxury of choosing when you enter the real estate market, here are some points to consider when timing a home purchase or sale.
The Northern Nevada Market is seeing effects from new tech companies moving to town and Californian’s retiring in Nevada. Job rates are increasing, population is increasing and schools are filling up. Inventory has remained lower than average and priced have increased.
Interest rates fluctuate
It’s not uncommon for buyers to get off the sidelines and into the real estate market when they hear news of the Federal Reserve raising interest rates. It’s very likely that when rates do start to creep back up again (and they eventually will), would-be buyers will turn into active customers.
Traditionally, spring has been the big real estate selling season. Flowers bloom, the grass is green, pools are open and homes show in their best possible light. Parents with school-aged children also wanted to purchase in the spring or summer so the kids could start a new school in the fall. While the spring is still a strong selling season, today’s buyers are looking online and searching on their phones every day, no matter the season, and transactions happen from New Year’s Day to Christmas Eve. If you have a home to sell and aren’t in a rush, consider doing so at a traditionally “off” time. There will be fewer homes for sale, which means less competition.