Should You Worry About Market Fluctuations?
You turn on the TV and watch a news story about downward housing prices. Then you get a flyer about a property around the corner that sold for a decent price in the mail. Next, you read an article in the newspaper about the upswing housing market.
It’s like a ride on a roller coaster!
Unfortunately, if you think about buying or selling a home, the ride is not much fun. It can actually be very confusing and frustrating. You don’t know whether “now” is the right time to move.
The housing market has fluctuated for decades in reality. Yet people sell their homes for good prices every day, and just as many people get affordably into their next dream homes.
When you hear news about market fluctuations, there are two important things to consider.
First and foremost, a lot of media information on the housing market is national or at least regional. If the housing market is up or down nationally, remember that your LOCAL market does not necessarily do the same.
In fact, housing prices in your area can rise completely while they fall nationally and vice versa.
Secondly, if you sell an existing property while you purchase another home, the net effect of market fluctuations can be canceled.
For instance, say the local market is on the rise. You can probably sell your current home at a good price. The home you buy will probably also be priced to reflect the upswing, though.
The same applies when the market is down.
All in all, there are certain circumstances in which you need to consider market fluctuations when deciding whether to move or not. A good REALTOR® will help.