This question or thought is more for Mark, but if anyone else has any input, it would be greatly appreciated. My wife and I have a plan of moving in a year or two, however, with as hot as the market is right now, I am struggling with waiting or pushing the time line up and selling now. My ultimate fear is the market goes down in a year or two and we miss out on some money. I guess my question is, do you foresee the market staying like this or is the year to get it done??
Good question and almost impossible to answer. Look at it this way. How many real estate agents that you know predicted the last bubble bursting before it actually happened? Very few, if any. Point is that we do not know what will be happening in the world a year from now. All we know if right now.
Right now, rates are low. At some point, these will go up and when they do your buyer pool gets smaller. For every 1% a rate goes up, a buyer loses 10% of buying power. That is a big deal.
Also, in certain price ranges right now, the market is limited on great options. This means you get close to asking price and sell quickly.
All of this depends however on exactly where your home is and the price range.
The key is if you sold today for what you believe you can sell for, are you happy with that number? If you are and it serves your timeframe for what you are wanting to accomplish, go ahead and sell.
If you are not in a hurry and can wait a year, go ahead and do that, but don't be shocked if the market is the same or not as hot a year from now. That is certainly possible too.