Most people find it difficult to determine the right time to sell their existing homes and buy a new one. These homeowners normally take such a step for a variety of reasons. Many of them may have to relocate to a different city in order to pursue their careers. Some owners may be currently going through a severe financial crisis, which compels them to sell their homes or just wish to relocate to a new place with a bigger house. Again, other owners may want to take advantage of a sudden increase in real estate prices in the market and earn lucrative profits from their present properties.
Ron Cadman – What factors do people need to consider when determining the right to sell or buy a home?
Ron Cadman is a popular entrepreneur and Chief Executive Officer from Alberta, Canada, who specializes in real estate investments. He has over 30 years of valuable experience in the area of developing, buying, and selling various types of properties. These include residential homes, condominiums, commercial complexes, and high-rise apartment buildings of homeowners. Currently, he is the founder of numerous successful real estate firms in both the United States of America and Canada.
According to Ron Cadman, people should consider the following three factors at the time of selling their homes or buy a new one:
- All real estate markets are not identical
Most people eager to invest in properties assume there is one national real estate market throughout America and Canada. Unfortunately, they are wrong. The prices of residential homes and commercial buildings vary in different parts of these countries. It is prudent for them to find out the prices of properties in the places where they want to invest. For this, they should hire a reliable and qualified real estate agent to help them in their endeavor. These real estate investors can even browse the Internet.
- Fluctuations in mortgage rates
Most potential property buyers cannot purchase a home of their dreams outright with their own money. They need to take a mortgage, or home loan from reliable financial institutions that offer such facilities to them. Normally, the Federal Reserve fixes the interest rates for these modes of finance according to the prevailing market conditions. It is common for property buyers to postpone their decision to acquire a new home when the interest rates are very high. Again, these purchasers may reconsider their decision once there is a fall in these rates.
- Seasonal consideration
Most homeowners in North America and Canada prefer to sell their homes during the Spring and Summer seasons. This is because it is easier for these people to relocate to other places before their children join a new school. On the other hand, property buyers look for suitable real estate deals throughout the years, regardless of the season. This real estate expert explains people wishing to sell their home should consider advertising their property during the ‘off-season’. They are likely to face less competition during his period.
In the opinion of Ron Cadman, people wishing to buy a new house or sell their existing property should do some research. Only then can they determine the right time to finalize their real estate deals. In doing so, these individuals should consider the prevailing market conditions in places they wish to invest in and the current mortgage rate. Above all, they should try to buy or sell a suitable residential property during the off-season.