Selling or buying a property should not be a decision made lightly. People generally make these types of decisions due to financial difficulties, or because some change has arisen in their life that leads them to want to buy or sell. However, carrying out this type of transaction at the right time is more difficult than it sounds, since we cannot foresee what will happen in the nearest future or how the market will be handled. So, is this really the “right moment” to buy a property?
Type of Market
It is important to take into account, as a first factor, the place where you want to live. Real Estate activity may vary depending on the city where you want to buy. A good idea is to dig deeper, do as much research as you can about the local market to stay informed and not miss a good opportunity. But keep in mind, how long this may take and the time you will spend doing it; that is why it is advisable to have a plan B, such as the Leaseback option, a model that allows you to sell your property, receive the equity you have invested in your house, and stay in your home (without moving out), signing a lease for as long as you need, while you find your next new home.
Another factor that must be taken into account when wanting to sell your home, is the time of year. Believe it or not, spring is the best-selling season of the year. Many people believe this is, because parents start looking for a new place for their children to start school in the fall. Others believe that the colors of nature help the light to make any property more attractive. But whatever the reason is, if you are not in a rush to sell your property and find your new home, take your time and do so in any other season of the year, where there will be less competition. Don´t forget that you always have the option to sell your home and continue living there, without worrying about maintenance issues, or HOA costs, or any other payment that can get you out of your budget; and this is the Sell and Stay option, also called Leaseback.
Money Can´t Buy Everything
Sometimes, people think twice about selling their house, not for financial reasons, but for emotional considerations and attachments to the property they own. This is why, even though sellers need the money, either to pay their debts or simply to think about buying another property, they hesitate to leave the place they call home. In these times of health and financial crisis due to the pandemic, it is important to have other choices and not only selling and leaving your home.Renting back your property can be a good alternative, if you don´t want to make a move, or if you are uncertain of what the future will bring you. Take your time, do your research, cash out your equity, sell your property and don´t live your house.