The decision of whether to buy or sell a home is perplexing. A lot of buyers and sellers are still wondering if now is the right time to be in the market.
Ideally, buyers would like to know that the market has hit bottom and that the value of what they buy won’t decline. Sellers who will sell at a loss today wonder if they should get out now or wait for a better market to sell.
When will that better market appear? It’s impossible to time the market. We’ll know that we hit bottom after the market turns around — not before. Some economists think this will take another two years; others expect a turnaround in five to six years.
Many economists think we’re at or close to bottom. However, it’s expected that the market will be rocky for some time. The market will change seasonally. For example, it’s typical for home sales to decline during the winter months.
HOUSE HUNTING TIP: Good and bad news can affect whether buyers feel optimistic about homebuying. The fact that the conforming jumbo loan limit is likely to drop to $625,000 from $729,750 could spur home sales in higher-priced markets between now and September, when the higher loan limit expires.