If there is one glaring example from the past few years of something we’ve lost the plot on in our society it is the implementation of “blanket solutions”.

“One size fits all”, if you will.

However, it seems that some of us are still under the impression that what works for one, will work for the other, and herein lies our problem.

“Rushed Answer Syndrome”

I could go off on a TANGENT right now, but I won’t. Instead, I’ll speak in terms of real estate and home ownership where the same also applies (and fails). The truth is, there are far too many real estate agents out there suffering from “rushed answer syndrome“.

What is rushed answer syndrome, you ask?

Let me give you an example:

Q: “Hey real estate agent, is it a good time to buy?

A: “YES!”

Q: “Hey real estate agent, is it a good time to sell?”

A: “OH FOR SURE!”

Case in point.

Guess what; it is NOT always a good time to buy. Not for everyone. Not always. Just the same, it is NOT always a good time to sell, either. I know you nod your head in agreement, this isn’t groundbreaking stuff but surprisingly enough, the rhetoric at large begs to differ.

The Truth, Unbelievable As It May Be

Get ready for it, the truth, despite what many agents out there might want to admit, is that “every scenario is unique”.

That’s right. We are not all in the same boat all the time. Sometimes, what is good for Mr. Goose, is not good for Mr. Gander. So with that in mind, here’s how those conversations should go instead…

Is It A Good Time To Sell?

The truthful response to this question is that this all depends on a multitude of factors. The market conditions are only one of those factors. The others have more to do with the specifics of your situation, your goals, and your timeline.

Considerations include:

• how much is your home worth in today’s market? Once we establish that range of value, then you can decide if it would be worth it to you, to sell your home in this market for that amount, or not.
• are there things we can do to increase the value of your home in the short term?
• when are you aiming to move?
• are you in a situation that will allow you to purchase a home once you have sold this one?
• what is the goal of selling at this specific time, and does that goal align with your future plans?
• are you able to hold onto the property as an investment and still purchase your next home?

Is It A Good Time To Buy?

The above brings us to our next common question: “is it a good time to buy?”. On the same note, the answer should be quite simple: it depends on a multitude of factors. The market conditions and the rates are only one of those factors. The others have more to do with the specifics of your situation, your goals, and your timeline.

Considerations include:

• have you recently taken on any debt?
• have you recently switched jobs?
• do you have a property you need to sell before you are able to purchase your next one?
• have you spoken to an experienced mortgage broker to explore your options?
• which type of property are you looking at and does that align with your financing?

The bottom line is that owning real estate is always a good idea. Compared to all other investment strategies available, owning real estate is far superior in terms of growth and returns, generally speaking. It’s essential to keep in mind that “owning real estate” looks different for everyone, and although it’s a wise move, it is rarely super cut and dry.

So, is it a good time to buy?

It depends.