There are many situations where playing the waiting game can pay off. For example, you can delay booking a flight and hold out for a last-minute deal, or you can wait for a grocery item to go on sale so you can stock up and save.
Does it make sense to play this same game when selling your home?
If you try to “time the market,” you could end up getting more for your home. But, you might also get less! In the meantime, while you’re waiting, good opportunities to sell at a reasonable price may pass you by.
The stakes are high when you’re selling your home. If you wait for stewed tomatoes to go on sale, and they don’t, you won’t feel a big hit. However, if you wait to sell your home and the market of eager buyers dries up, there could be a significant financial impact.
That’s why you need to be very careful about trying to time the market. Yes, it can sometimes be smart to wait a few weeks, and in some cases even a few months before you list, but you need to make that decision based on good information and even better advice.
Remember, if you’re not only selling but also buying in the same market, the advantages of “timing” might cancel each other out. If you sell when the market is high, you’ll also be buying in a high market.
What’s the good news? In most cases, the best time to sell your home is when you’re ready to sell, regardless of the market.