“Is it best to sell in the Winter, or the Summer?” My friend says Spring is the best. How do you know? I’ve heard this question more times than I can count, and I have also been informed by my clients on what they feel is the best time to make a move in the market. But the reality is, there is no “perfect time” until it’s done and the market moves in the way that you want it to so you feel better about your timing decision.
The time to buy or sell depends on what you’re trying to achieve. Are you a first time home buyer waiting for the market to go down so you can get a deal? In Silicon Valley, the deal is NOW! Because if you wait and prices continue to sky rocket (as they’ve been doing since 2010), you miss your chance and end up getting priced out of the market. If you’re upgrading/upsizing and you need to sell before you buy, again the time is now, regardless of the market.
Let me explain…if prices are going down and you’re going to take a loss on your sale, don’t worry about it because you’re going to get a better price on your move-up. If prices are rising and the new house is more than you want to spend, grab what you can now on your home sale because typically you’ll have more money to put down from the equity of your sale than you’d ever be able to achieve just by saving each month.
The most important factor is, know what you want and be prepared to act quickly because that’s how the market is here in the Bay Area. Your knowledgeable and experienced Realtor can keep you informed about the intricacies of the market in each neighborhood, how things have been moving and what is to be expected, so you can make your move when the time is right for you.