Everyone wants to buy low, and sell high. Seems like a reasonable goal, and one that we should all strive for. Timing, it turns out, is everything.
While there's certainly data available for all home buyers and sellers to consider, the reality is that timing is best determined by the party making the decision- not by the market. A few things that need to be considered prior to making your big decision:
1. Do I have the bandwidth to buy or sell a home right now? It doesn't matter what the interest rates are, how low housing supply is or whether or not it is the right "season" to sell. If your hands are completely full balancing the rest of your life, the timing may not be right.
2. If I sell, can I make the move I want to make? This is a popular question for many seller/buyers in 2021. The market is ripe for selling, but for many, the ideal "move up" (or "move down") housing options just aren't available.
3. Does it makes sense for me to make this move right now, financially speaking? The old "maybe I should punt on this for another year, when I'm making and/or saving more money". In many situations, a little patience goes a long way.
4. Do I really want to be a landlord anymore? If you've owned rental property, you might have asked yourself this question once or twice. Every investment runs its course, and there times when you're just ready to move on- for reasons that have nothing to do with the actual investment.
5. Does buying or selling real estate solve the problem? Real estate transactions are complicated, and have long term impacts on our lives. If you're going to make the best decision, you have to ask yourself: Does this solve my problem? There's no reason to jump in to buying or selling if the entire decision is based on what other people are telling you (Interest rates are so low! Buying is better than renting... just because! Now is the time to sell in (fill in the name of your neighborhood) because the school test scores just went down!). Ultimately, you need to make the decision that solves your issues, not someone else's!
So... why are you thinking about buying or selling?