When should you sell in a balanced market?

With the market finally balancing out after so long, here is a question I get at least weekly these days: “When should I sell my home?” My answer is not the magic bullet most would-be sellers are hoping for because it depends on your circumstances. Are you selling because you want to buy a new house in the same market? Are you planning to downsize? Or upsize for a growing family? In the first instance, when you sell a home and buy another in the same local market you are basically a buyer and a seller in in the same market conditions. So, financially speaking, it doesn’t really matter if the market is hot or not. The only variable to consider is the 2nd or 3rd circumstance, whether you are downsizing or upsizing.

To determine when it makes sense for you to sell requires some calculation. Ok, I won’t bore you with math. But suffice to say the percentage increase or decrease in the value of your next home as compared to your current home dictates which is better for your circumstances. When upsizing it usually makes more sense to buy and sell in a balanced or down market. When downsizing, you should consider selling in the spring which is traditional more of a seller’s market. If you want to geek out on the numbers call me and I can draw out a detailed and mathematical proof.