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Why Buying Or Selling Now May Not Be The Best Time

 

The Market’s Hot, Gotta Get In Before I Get Priced OUT!  Right?

It’s A Sellers Market, Best Time To Sell, Right?

But If I Sell A Few Months Later, I’ll Make More Money, Right?

 

Buyers, I know what you’re thinking.  

 

It’s a seller’s market, it’s a bidding war out there, it’s too crazy out there, I should wait until the market slows down.  

 

But, you do realize that if the market is going up 20%/yr, every month you wait, you’re going to be paying 1 – 2% more and for a $500,000 property, every month you wait, you’re going to be paying $5000 – $10,000 more.

In that case, buyers can easily get priced out of the market if they sit on the sidelines.

If you buy now, then at least you know that whatever you buy, it’ll likely go up.  

Will the market slow down eventually?  Of course.  

Will there be a correction?  Real estate runs in cycles, of course there’ll be a correction, but the question is when?

What if the market crashes?  The economic fundamentals aren’t pointing in that direction.  

 

Sellers, I know what you’re thinking.

 

The prices just keep rising, if I wait, I’ll make more money.  

 

What if the market slows down in the upcoming months?  Maybe I should sell now, but what if I can make a few hundred thousand dollars more if I wait a few months?

It’s a great time to sell now, there’s no inventory out there.  I’m going to make a killing!  

 

Ok, I’ll buy.  Ok, I’ll sell.  But when’s the best time?

I go into a lot of deal in my book, The Book on Vancouver Real Estate.  I wrote a blog post a while back that shared about this.  I also did a youtube video on this topic.  

 

At the end of the day, it’s all about when you’re ready to buy and sell.  I never pressure my clients to buy or sell if they’re not ready.  I value the relationship way more than getting them to do the deal.  There’s a lot of differing opinions out there, just because everyone tells you to buy, doesn’t you go out and buy.  Just because everyone tells you to sell, doesn’t you go out and sell.  Listen to your gut and take action when you feel ready.  

On the flip side, don’t use the “I’m not ready” excuse when you have a legitimate reason or need to buy or sell.  

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