Here are five tips to help new real estate agents find success. Being a new agent can be hard, but it doesn’t have to be. Here are five helpful and simple tips to kick-start your budding
4 Factors To Know About Timing the Market
Dated: March 3 2022
Do you know when the best time is to enter the real estate market? Many people are driven to buy or sell because they need to, for example, they got a new job in another town, or they’re tired of living in their parent’s basement. However, if you have the luxury of timing your sale or purchase, here are four things to consider:
1. There is no national real estate market. If you see the term “national real estate news,” you should ignore it. If you heard that home prices are increasing nationwide, it doesn’t matter much because things are different in New York City compared to Des Moines, Iowa, which is different from Raleigh or Durham, etc. You need to speak with a local expert (ideally a Spotlight agent) about what’s happening in your area. Not just anyone in the Triangle, but someone who knows specifically about Raleigh, Durham, Chapel Hill, or neighborhoods within any of those areas.
2. Interest rates are expected to rise. Quite a bit of real estate activity is driven by financing and lending. Interest rates have been historically low for a long time, but we know they’ll be rising throughout 2022. That will slow things down for both buyers and sellers; anything that slows down buyers isn’t good for sellers either. At Spotlight Realty, we’ll connect you with a local lender who can help you get the lowest possible interest rates and protect you from fluctuations in the future.
"You need to think about these things, even in this market."
3. Seasonality. The seasons don’t make as much of a difference as you may think. Spring is traditionally the hot selling season in the Triangle, but I’ve never seen prices do what they did this winter—our winter market was especially hot. So things can fluctuate, and again you need a local expert to tell you what conditions are like at that time.
Don’t try to time the market by season too much. Sooner is always better than later when buying. When it comes to selling, right now is all we know about, so as long as you’re putting your money from the sale of one home into another (or some other useful enterprise), then you don’t need to worry too much about seasonality.
4. Money isn’t everything. It’s possible to time the market exactly right and make a little money from your transactions, but if that means you lose peace of mind, damage a relationship, or are extremely inconvenienced, it’s likely not worth it. In cases like that, give up timing the market and do what fits your situation best.
It’s very simple: If you’re buying, earlier is better than later; if you’re selling, later is better than earlier. In the end, that’s all the timing you truly need. Just ensure the transaction suits your circumstances well.
If you have any questions about entering the market or real estate in general, give me a call or send an email. I would love to help you.