Real Estate is a competitive market these days. In both fields of buying or selling a home, there are lots of strategies one can use to gain the edge. In the recovering market right now, it’s hard to say whether it’s a better time to look or list, which is why I’m going to argue for both.
Selling can be tricky because you want traffic, you want competition so you can get the best price. Right now as we get closer to the winter season, inventory on homes traditionally goes down. This can mean more demand for your home within the narrower market. It also usually means that buyers who are looking during this time are more serious about purchasing. They know the market value of your home and with limited options are usually willing to pay the fair price. While you won’t necessarily have the giddy adrenaline rush of a bidding war during busy season, you have less listing competition and that will likely get you market value for your home without having to lower it’s cost in desperation.
Buying is also full of strategic maneuvers. During this time of year, there is also less competition for buyers. Spring and Summer are extremely competitive months for real estate and you may find yourself in a bidding war much to the homeowners delight as offers skyrocket. If you’re the type of buyer that likes to go to the grocery store during off hours to take your time walking through the aisles, comparing prices and enjoying the process, maybe now is the time to buy for you. In the spring and summer, the process can be more accurately compared to the game show "Super Market Sweep." Housing prices are also still fairly steady and affordably priced during market recovery as well as interest rates available for borrowers. It may be smart to keep your winter jackets by the door for those colder season open houses.
No matter how you slice it, the real estate market is back on track for a full recovery. Now, while it’s on the cusp, is a good time to still get those good deals/eager buyers no matter what side of the real estate fence you’re on!
WandaFears, Realtor ABR CRS GRI WCR
Richmond, Va. Long and Foster Realtors