Happy December to all my dear readers.
Out of of the dozens of questions I get on a variety of different real estate matters, determining when to buy or sell easily tops them all. On any given week, I probably get this question in some form at least three of four times.
Marcelo, should I wait to buy until next summer?
Marcelo, is it better if we wait until spring to sell?
Instead of writing an endless bible on this subject, let me once again remind everyone the truth: The best time to buy or sell happens when the right opportunity comes along to accomplish your personal objectives. The timing is of the utmost importance but it could occur at any given time of the year.
Helpful Tips To Identify These Opportunities
1- Understand The Market
Knowledge and information is of the same fundamental importance in the real estate market as it does in other markets such as stocks and commodities.
Regardless of the time of the year, doing some research on the active sales, months of inventory, and closed sales on a particular neighborhood brings forth the ability to identify potential opportunities. On the selling side, research also helps provide a trend as to which months out of the year show the most activity.
2- Understand The Data
Not sure on what the difference is between a buyer and a seller’s market? Or what the absorption rate is on the closed sales within a subdivision?
You’re not the only one.
Having the data and information isn’t of much help to anyone that’s unable to understand it. For this reason, I always encourage my clients to always ask me as many questions as possible at any given time.
Not sure what the graph above is saying? You’re not alone, and we have your back if you need help.
3- Understand Yourself
When it comes to down to it, the best time to buy or sell will also always depend on your own personal circumstances.
If you’re a buyer that needs to relocate to Miami for business purposes or if you’re a seller with an investment property that’s currently vacant, the time to buy/sell may be now rather than later even if some article somewhere said that the best time to buy/sell is in October. Will you wait until October 2018 despite the fact that you have a vacant unit at this time?
Come on :/
Long story short, I kindly ask you all to not let a seasonal difference affect your ability to move forward with your wish to buy or sell a property, especially if it affects your life and finances. Look at the bigger picture.
Update (2018): I will be making adjustments as the market also continues to adjust itself but I will be ready to make another post once an event of major significance takes place.
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