The most-asked question real estate professionals hear is always centered around timing and when is the right time to buy or sell. Buyers are always anticipating and hoping for the next recession or wishing for lower prices while sellers want to know the most advantageous time to put their home on the market in order to make a maximum profit on the sale. In life and in real estate, timing can change everything. We've all made decisions out of necessity, desperation, based on a feeling or even after forming a well-thought-out plan—but knowing if that decision will be the right one or the most beneficial one can be tricky.
There are a variety of reasons people make the decision to buy or sell, and priorities and motivation will help answer the timing question. People move out of necessity, such as getting a new job or upsizing for a growing family. Some move for a lifestyle change, to move closer to relatives or friends or they just can't wait to live the outdoorsy Bend lifestyle. Sometimes a move is financially driven; finances are finally in order or maybe there's equity in the current home and it's time to upgrade to a nicer home or neighborhood.
Most often, if people have the flexibility, they'll make their decisions to buy or sell based on market cycles and fluctuations. For example, buying because of record-low interest rates or listing a house during the busier spring and summer months. Waiting for the local real estate market to cool down or delaying until next year to list your house could mean missing out on opportunities to cash in. The August Beacon Report was just released and the Central Oregon market continues to be hotter than ever with no sign of slowing down. The single-family median home price in Bend has set a record high the previous two months, currently at $475,000. Redmond's real estate market is also setting records with the median home price at $338,000. Even with home prices at an all-time high, it's still a great time for buyers to take advantage of record low interest rates. Interest rates just fell again, down to 3.49%, and Freddie Mac predicts 2019 will continue to be the year of low rates.
Typically, the real estate market will see highs and lows over the short term between winter and summer months and over a longer time frame as well. But one truth remains: land values will continue to appreciate over the years, even though some may have to ride out a recession in the middle. Waiting for a market shift or rates to fall again is unpredictable and risky—so the answer to the timing question is simple: if it's suitable for the situation, always make a move sooner rather than later.