Today’s real estate market can best be described as softening. Inventory is rising, and prices are stabilizing. The market has gone from a heated Seller’s market to a more balanced market. So, is now a good time to buy? To sell?
When is the right time to buy or sell?
As with most things in life, it’s wise to take a balanced approach. Whether buying or selling, there is only one right time — when it’s the right time for you. Just because prices are flattening in some areas, doesn’t mean you shouldn’t sell. It’s important to consider your personal needs, goals, lifestyle factors, and motivation. Are you trading up? There may be no better time than now. Prices soften from the top down, so the home that was once out of reach might be within reach now.
Are you thinking of selling because your current home is becoming harder to maintain? Do you have too much overhead? Does it really matter if you sell at a price less then ideal to get out from under? Life is short. If your long term goal is less stress and more freedom, don’t let softer prices keep you from doing what is in your best interest. What if selling means losing money? It’s hard to lose money, but over time, most people make up real estate losses with subsequent real estate gains. Life goes on.
Consider All Factors, Market and Personal
There are lots of reasons to sell a home. Personal reasons. Keeping a proper perspective is essential. So is a balanced approach. Think long term and consider all the factors. Market conditions matter, but your personal conditions matter more.
The same holds true for buying. What is your current condition? Yes, interest rates are attractive, and there is more inventory to pick and choose from. But, do you have adequate reserves? Job stability? Are you emotionally and financially prepared to be a homeowner? Again, the decision to buy or sell has far more to do with your personal timing than the timing of the market. Hawaii real estate is a good bet. But ultimately, it’s about what’s right for you.
The Market is Changing
The Hawaii real estate market is changing. Normalizing. It’s more balanced. Adopt a balanced approach to your buying and selling decisions. When you do, you can rest assured that when the timing is right for you, it’ll be the right time to buy or sell real estate.