No one has a magic crystal ball or can predict where the market or economy is ultimately headed. Agents can advise you on current and historical trends and data, and give you insight and advise on where they think it could possibly head, but nothing is ever guaranteed. With that said, when making a decision on if it is a good time to buy or sell, one thing that is always the case in real estate is that when home prices are high, rates usually tend to be low. When home prices are low or tend to fall or crash, rates tend to usually spike up or be high. So on average, when it comes to a monthly home or mortgage payment, they actually end up being the same either way. Sometimes it actually is even better off in the long run for a buyer to purchase slightly higher and take advantage of a lower interest rate, than waiting for the market to crash or prices to fall, which is unpredictable, but will still end up paying more in the long run in interest since the rates at that point will go back up to drastically higher rates.
Not Taking the First Quick Bid
This happens often. The seller gets a bite early on and is suddenly filled with confidence that the house will easily sell and maybe even inspire a bidding war. It feels like you’re standing over a pond packed with hungry fish. The first offer doesn’t seem great, and you naturally assume there must be bigger, juicier fish to be had. So, you throw the not-so-small-after-all fish back in. Big mistake. Statistically speaking, the first offer that a seller receives, usually ends up being the best offer they receive. That “tiddler” is usually the “catch of the day!”
Becoming Friends with the Buyer
It’s appropriate, even important, to be friendly, but don’t let the personal nature of someone being in your home allow you to
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