Do you have a crystal ball? Well, I don’t either. Right now there has never been a better time to sell your home. But, that may not always be the case.
Back in 2008 when it was very similar to now, prices were booming, we were seeing multiple offers and bidding wars, buyers were fighting for properties and bidding up the prices so high that they weren’t appraising. It was almost like overnight it went from having it be a total sellers market to it being a buyers market. It was insane, it went from having no inventory to having a surplus of inventory. That, in conjunction with the bad mortgages, caused the real estate market to crash. We saw a decrease of over 50% here in the Oakland Berkeley area, people were losing their homes left and right.
Now, I do not think that we are going to see that happen, however I do personally feel that there is going to be a correction in the market. So, while I don’t have a crystal ball, if you’re waiting for the market to go up, you just never know when it could shift. Also, think of this, if you sell your home and you get a surplus of money that you weren’t expecting because the market is so strong, that means you’ll also have more money to purchase a higher priced home. Also, keep in mind that the higher the price of the home typically the less competition there is. You’ll still most likely be competing just like the buyers are for the home you’re selling, but if you’re moving up and not down into a different price point, chances are it won’t be as competitive as what you experienced when you sold.
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY EAST BAY AREA. I’ve been in the East Bay since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.