I was just reading an article about why NOW is a go time to buy. It was a promotional item for Realtors. It's main argument was history. If you bought a house 30, 20, or even 5 years ago. The home's value has gone up.
Well honestly if you bought a home in 2020 or before your house is worth more today. Home prices are still on the up and up, despite high mortgage rates.
So using history as your main argument for becoming a buyer NOW is pretty far fetch if you ask me. So why should you be a buyer in a high market or any market for that matter.
Most people who buy a home, buy it to live in. In 2007 we were in a high market, it also happened to be when I bought my first home. It was a lovely ranch in the town of Manchester.
Fast Forward 8 years later we sold that house in 2015, for $30k less than what we paid for it. We sold during a buyer's market, and had to bend over backwards to sell.
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So you are probably wondering, why we didn't regret selling at that time. Well like I said most people buy homes to live in. So we sold our home, and needed to buy a new home.
Yes we sold our home for $30k less than we paid, but we were able to buy our new home for $60k less than it had originally been listed for. Most people will have to do the same if they are selling.
No matter what people say. NOW is a good time to buy, or NOW is a good time to sell. Really if you ask me anytime is a good time to do either. Yes, we bought our first home, when the market was high, but I wouldn't have changed anything.
The joy I gained from owning my first home in those 8 years, I will never forget. When it was time to move, yes we weren't pleased with losing money on that home, but it was nice to buy a home in the town we couldn't afford in 2007 for less than what we paid on the home in Manchester.
Fast Forward to 2023, people who are selling their homes for big money today, most likely are buying homes for the same. Know this, if the market goes down, and you need to sell, yes you will lose money on your home, but you will be buying a home for less too.
This is why there is no bad time to buy or sell. The right time to do either is up to you and your personal situation. If you need to move for work, or if you want to move to a better school district, or for any other reason.
So do not let the market dictate whether or not it is time to buy or sell. If you are ready to do either here in Connecticut. Contact me, and I can help you get the process started.
