Is Now a Good Time to Buy or Sell Real Estate?

IS IT THE RIGHT TIME FOR ME TO MAKE A MOVE?

The reality is, there’s no “one size fits all” answer as to whether it’s a good time to buy or sell a home because everyone’s circumstances are unique. But now that you know the state of the market and what you can expect as you shop for real estate, consider the following questions:

Why Do you want or need to move? If your home is too small, that’s not likely to change. But your commute could – some employees are being asked to work remotely on a permanent basis.

How urgently do you need to complete your move? A second wave of infections is predicted for the winter, which could mean another lockdown. If you need to move this year, you should act quickly.

How long do you plan to stay in your new home? Your best bet is to buy a home you can envision yourself keeping for several years. Fortunately, mortgage rates are a historic lows, so you can start building equity right away.

Can you meet today’s higher standards for securing a mortgage? Many lenders have raised their credit score and down payment requirements. If you’ve been pre-qualified in the past, be sure to confirm your status.

Is your income stable? You may want to wait to take on a larger mortgage if your job status is uncertain. But downsizing could be a good option if you need to tap your home equity or cut down on monthly expenses.