Is Now the Time to Buy?

Any real estate agent worth their salt has been asked this question by many a client and the right answer can be elusive.  The truth is the answer is individual.  My time to buy is going to be different than my sister’s time to buy.  Crunching data and reading real estate market trends online will not drive your decision to purchase, your events going on in your life will.  Now the Donald Trumps of the world will have something different to say about that as they build their real estate portfolios by the minute, but that’s not who is asking me is now the time to buy.  I’m being asked by the single moms, the newlyweds, the empty-nesters, and the retirees.  In their mind a home is not just a pawn in a large scale investment strategy, it is rather the place they will buy and hold, at least until the next life event happens.  For those of you in who live in this world, here is your answer.  If the timing is right for you.

As things swing up, swing down and they will and they always have, one thing remains constant.  Your life will move on, needs will change, things outside of your control will happen.  When you choose to buy home will reflect that state of consistent change.  Sure, its fun to be on the time table that lines up with downturn when you buy and the upswing when you sell, but that isn’t what’s its all about is it?

Thankfully, I had the pleasure of working with two hard working, kind-hearted people that reminded me that timing is everything.

My Time with the Edelsons

This adorable couple, recently married, comes into my office with the blinding glow of eagerness and enthusiasm that you’d expect from a first time homebuyer.  Both of them express how excited they were to get out and look at homes, learn about market conditions, and of course, could not take their eyes off each other the whole time.  When I asked them how soon they wanted to move, they took their eyes off of each other for a moment and said, ‘that depends on….’.  The long pause gave me ample time to realize they were thinking about having children.  I held up my hand as to say ‘I’m with you’ and proceeded to ask them a few questions.  By the end of the conversation they thought they would buy something small, just for them, and postpone having children until they could move up and keep this small place as an investment property.  Smart, I thought, these young kids thinking about the big picture like that.

In the coming weeks we looked at condos and townhomes and finally made an offer on one.  We wrote a strong offer, only to be outmatched by an investor with deeper pockets and the couple was heartbroken.  We found another great property, a single family house in fact, again missing the mark by only a few thousand dollars.

A Wrinkle in Time

Against our original discussions the couple looked into other areas, ones that could give them a little more bang for the buck and boy did it bang.  A gorgeous completely turn-key home was available and in their budget complete with man cave potential and a backyard that screamed margarita machine.  Suddenly I sensed a shift from that ‘something small, investment property’ discussion and literally felt chills when they said, ‘get this one for us Sam’.

Only on the market for 72 hours there were already 5 other offers so there was no playing around.  I wrote the cover letter of my life and the sellers fell in love with my clients just as much as I had.  The offer was accepted and we closed 30 days later.

At the housewarming party, my observations that long terms plans had shifted were confirmed when the husband pulled me aside in his newly acquired man cave to reveal that they were expecting a baby.

Chalk It Up to Good Timing

As much as you want to strategize and analyze the market, sometimes real estate just comes down to good timing lining up with the right property.  Yes, buying low and selling high is ideal but for most of us life events will drive the decision.  Yes, big life events don’t make themselves into a compelling chart or statistical data to debate over, but if you are thinking about a big life change coming your way whether it be marriage, babies, children moving out, job relocation or downsizing, it is those events that will tell you if the timing is right.  Everything else is just noise, noise not worth listening to.

Is Good Timing Upon You?

Is there some advantage to moving forward today?  Interest rates are low right now.  It is difficult to forecast what rates will do in the coming months and years, but for right now they are low which can allow you to afford more home for less money.  If you’d like to speak to me about if the timing is right for you, please don’t hesitate to contact me.