Is Now a Good Time to Buy or Sell a House?

We just shared some big news—we recently sold our home! Yes, the one we poured our heart and soul into, built from the ground up, and created countless memories in over the past four years. Selling was bittersweet, but it felt like the right decision. Home values have skyrocketed since we built our house in 2020, and we realized it was the perfect time to sell in 2024. Are you wondering if now is a good time for you to buy or sell a home? Here’s our perspective and some insights to consider.

Why It’s a Great Time for Sellers

If you’re thinking about selling, the current market may be in your favor. In many areas, home values are at record highs. With demand outpacing supply, sellers are receiving impressive offers. For us, the timing couldn’t have been better.

We had toyed with the idea of selling and building again but struggled to find the right spot or piece of land. Then, a lovely couple came along who fell in love with our home. It was practically love at first sight—they made an offer within 24 hours!

We accepted the offer without knowing exactly where we were going next. There were moments of doubt when I thought we had made the wrong decision. However, after a few days of anxious prayer, asking God to guide us, the perfect place appeared—even amidst the limited inventory here in East Tennessee.

One morning, Henry and I were out for a run shortly after receiving the contract on our house. We noticed an agent putting up a “For Sale” sign in a nearby neighborhood. She invited us to take a look at the house on the spot. Although it needed significant work, we had a good feeling about it. We decided to go for it, bought the house, and got to work immediately!

We’ve now moved into our fixer-upper and managed to complete most of the renovations in just four weeks. While there are still a few finishing touches left, we’re looking forward to sharing more about our remodeling journey in the new year.

Our new home

For us, the decision to sell came down to timing. With the market at its peak, it felt like the ideal moment to capitalize on the investment we made four years ago. Even though we didn’t have a clear plan at first, we didn’t want to miss the opportunity. If you’ve owned your home for a few years, you might be sitting on a significant return without realizing it!

What About Buying a Home?

For buyers, the market looks very different. With high demand and limited inventory, it’s very much a seller’s market. This often means higher prices, bidding wars, and the need to act quickly.

For instance, when we found our fixer-upper, we didn’t waste any time making an offer. We had to bid close to the asking price to avoid losing out to other buyers.

While the market may feel intense, it’s worth noting that home values historically increase over time. Plus, when you find “the one,” the feeling of truly being at home is priceless.

Thinking About Selling? Here’s Our Advice

If you’re considering selling, here are some tips based on our experience:

• Price It Strategically: Even in a hot market, a well-priced home can attract more buyers and lead to multiple offers, which could drive up the final sale price.
• Stage Your Home: Simple updates like fresh paint, landscaping, and decluttering can make a huge difference. Many buyers are looking for move-in-ready homes.
• Be Ready for a Quick Process: If your home is priced right and well-prepared, it might sell faster than you expect. Be prepared for surprises—sometimes the perfect buyer comes along even before your home hits the market.

Buying in a Competitive Market? Here’s What to Know

If you’re ready to buy, keep these tips in mind:

• Act Quickly: In today’s market, homes don’t stay available for long. Be ready to make a decision when you find a home you love. Having cash or being pre-approved for a mortgage is essential.
• Stick to Your Budget: It’s easy to get swept up in bidding wars, but staying within your financial limits is crucial. A home should enhance your life, not create financial stress. Try to keep a business-minded approach before finalizing your purchase.
• Get Pre-Approved: A pre-approval not only shows sellers that you’re serious but also helps you understand what you can afford.

So, Is Now the Right Time for You to Buy or Sell?

Ultimately, the “right” time to buy or sell depends on your unique goals and situation. For sellers, this market is incredibly favorable, especially if your home has appreciated over the past few years. For buyers, while the competition is stiff, with preparation and a long-term mindset, it can still be a smart investment.

For us, selling was the right choice. Seeing the market align with our goals reaffirmed that sometimes the timing is just right to take the leap.