For buyers waiting on the sideline…
- It’s likely prices will go up because of inflation. After a surge of government stimulus, expect inflation sooner or later. Buying real estate is a great hedge against that.
- Interest rates are still at historic lows — but don’t take that for granted. Requirements and rates will worsen at some point, resulting in less ‘buying power’.
- There’s real value in comfort and security right now. What matters more to you: trying to time the bottom of the market, or finding the right home that’ll make you and your family feel comfortable and safe?
- Try to avoid the “wait and see” mentality. Nobody buys at the bottom — and knows it. Focus on quality as your priority. The best deal on the best match that meets your needs for years to come.
For sellers waiting to list…
| 1. Selling in a down market … means you can buy in a down market. If you list now, you might sell a bit lower but you can buy so much more with it. Think of the home — and that balcony or home office — you can now buy at a discount. 2. Active buyers are more serious than ever before. People have spent the last 5 months realizing the inadequacies of their home. The buyers who are looking right now, in the middle of Covid-19, are very motivated. 3. Price so that the market chases you up, not down. If you don’t price correctly, chances are buyers will not bid. They may not even view the home. 4. We don’t know what the future holds. Don’t take this buyer demand for granted. This year is far from over. The election and ongoing pandemic could freeze or slow down real estate activity again, making it harder to sell afterwards. |