This is a question that Realtors can continually count on hearing from clients. And the responses to that question will often include reports on the current effects on the real estate market as a result of interest rates, the local and global economic environment, any current government incentives for buyers and sellers, and home sales reports within the applicable area of buyer or seller interest. All of these mentioned reports are significant for buyer and seller consideration.

Still, there is something else significant to consider: the right timing in a client’s life. What’s more, there are basic questions that clients can answer for themselves to determine if it is a good time to buy or sell real estate. So lets look at a couple categories:

1. YOUR ABILITIES
Buyers: Are you financially prepared to purchase real estate? List your financial preparedness to purchase real estate. This includes:

• Reliable income
• Credit scores
• Debt to income ratio
• Available funds
• Pre-approval or approved lender status. 

Sellers: List the financial obligations you have to pay when you sell your property (loans, taxes) to consider the balance of the potential sale proceeds. Obtain a comparable property sales report from a Realtor to learn about the recent neighborhood property sales.

2. YOUR VISION
Buyers: Describe what type of real estate you see yourself realistically owning, then schedule a meeting with a Realtor to view available properties.

Sellers: Describe the next step in your life plan after you sell your property.

3. YOUR BENEFITS
 What benefits would you appreciate having by owning or selling real estate today?

4. YOUR COMMITMENT
 Are you committed to follow through on your plan with the purchase or sale of real estate today?

Having considered the answers within these four categories, my question to buyers and sellers is: Is this a good time within your life plan to purchase or sell real estate?

Let us know what you think!