Is now a good moment to sell or buy Property in Tavira?
You can not see into the future, but you can make an informed decision...
Purchasing or selling a home here in Tavira with a pandemic circumstance around the globe brings significant questions. Considering if it is the right time is harder than it sounds. People usually take these actions because of a life event or financial issues, and the economy and real estate forecasts tend to be secondary considerations. Yet both buyers and sellers often pose the question, “Is now the best time to buy or sell?”
If you have the luxury of choosing when you enter the real estate market, here are some points to consider when timing a home purchase or sale during the current situation.
Every market is unique.
There’s no longer one national real estate market or forecast like there was 20 years ago. And just because the 24/7 international news outlets tell stories of hot real estate markets with multiple offers and quickly rising prices doesn’t mean that’s happening in your neighbourhood. Some countries will be more affected than others and, Algarve might be an exception.
Real estate activity can vary widely within the same county. One town can see record-breaking activity, while another 10 miles away has a glut of inventory. Tavira market is now increasing the price per sqm bringing it to a record price of 2.159 €/m2. That means an increase of 3.5% from the previous trimester. So prices are not going down and it is been the other way around so far. Owners are confident and willing to wait and Tavira is still a perfect place to live especially when you are forced to stay indoors. At the same time, it has been a very safe place to live with amazing weather all year around.
Seasons change
Traditionally, here in Tavira, both Autumn and spring have been the biggest real estate selling seasons. Flowers bloom, the grass is green, pools are open and homes show in their best possible light. And it is not so extremely hot. However, don’t try to time the market based on antiquated assumptions about seasons. It’s more important that you show your home in its best possible conditions and choose the right listing price. If it’s priced right and shows well, it will sell anytime.
Money isn’t everything
If a real estate purchase were purely financial, then we would see every renter with savings and a solid job getting in the market. But there are practical and emotional considerations.
Renting and keeping with the status quo is acceptable if there is any uncertainty in your future. While these buyers are free to shop and learn the market, they may not make a move.
If you think home buying is in your future, just do your research. No-one can predict the future so just know that nobody can predict when the right house will come along, and you can’t time a real estate market.
Call me if you are considering selling or buying a property, here in Tavira.
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