Here’s how you can tell whether you should move or stay put. 

“Should I buy or sell a home right now or  wait?” People ask me this question all the time. The truth is that there are a lot of variables to consider with this question. 

For example, do you own a home now? Do you have equity in your home? If you do, that’s great. What if the market continues to go down? As a homeowner, these are a few of the things you need to think about. 

Next, what if you rent instead of own? Whether or not you should buy comes down to how much you pay in rent each month. What would it cost to buy a home? In many cases, you can buy a home and have a payment for the same or less than the cost of renting. If this is the case for you, why would you give money to a landlord if you could start paying yourself and start building equity for your future? 

I'm not a financial advisor, but I do know quite a few of them and they tell me one of the best things you can do when you're retired is to have a home totally paid off. If you think owning a home is in your retirement plans, I recommend you start building equity sooner rather than later.

Some people are worried that the market might crash or take a downturn soon, but this probably isn’t a concern for you. Most people stay in their homes between five and 10 years, so even if things take a dip in the next few years, it won’t affect your long-term goals. 

In our current market, I think your plans for the next five or so years are the most important factor when deciding whether to sell or buy. Do you think you’ll move within that time? If so, you might want to rent and wait things out. However, if you plan on staying put for a long period of time, you should buy as soon as possible.

At the end of the day, every situation is different. Call or email me if you’d like more feedback on your position. I’d love to hear from you!