Is there a perfect time to buy or sell a home?
Yes and yes, but there is a catch... a buyers market is the most ideal time to purchase a home as the inventory of homes is at all time highs and there is many homes to choose from. On the sell side we look for inventory of homes to be at all time lows, not enough homes for the pool of buyers that are currently in the market. So in essence the balanced market is the perfect time to both buy and sell.
How do I know what kind of market we are in, you ask?
Well, a balanced real estate market has 6 months of inventory anything less than that would be a sellers market. Anything pushing higher than 6 months would be considered a buyers market. In the Greater Houston area we are coming out of one of all time greatest sellers markets the city has ever seen. With oil prices soaring to all time highs, there was plenty of money being thrown around buying up homes across all price points. Now with oil prices slamming on the brakes and going into the opposite direction as you might have guessed a buyers market is on the horizon. We should see an increase of inventory of homes with a large number of lay offs happening in the area. Home prices will stabilize and deep discounts on homes for sale will be made. All the more reason that now may be the time to become that move up buyer if your circumstance will allow. On a side note, please note that each neighborhood or suburb will have it's own sub real estate market. A quick phone call and a real estate professional will be able to give you the absorption rate in your area.