My first answer is always stating its very difficult if not impossible to "time" the market. But there are ways you can prepare yourself when the right offer presents itself.
Having a team of real estate professionals looking out for you is my best piece of advice. They can help you make your real estate portfolio, track your local markets trends and even get you pre-approved so you are ready to pounce. Here are some other tips for doing your best in timing the real estate market:
Ultimately the best advice I can give you on timing the real estate market is to actively know what’s going on in the real estate market. And that’s going to come back to having a good quality real estate professional that you know and trust.
They can keep you aware of the properties that are sold in your neighborhood. You can see details like the final sales prices, but you don’t necessarily know square footages or closing costs or other incentives that went into the sale. So it’s not always an apples-to-apples comparison on neighborhood properties.
This is where having someone that you really know and trust who can give you the right details is extremely helpful.
Tip #2 Look at Bigger Markets to Help Predict your Local Market
EX: Charlotte, NC
One really big advantage that we have here in the Charlotte market is that our market tends to trend a year or two or even three years behind what’s going on in some of the bigger national markets. So when those markets dip a little or go up a little, we tend to see what’s going to happen in our market in the next couple years.
That’s a pretty big advantage if you actually want to try to time the market as best you can.
Watch my video for more!