Here's his advice for both buyers and sellers:
- Know that the window for buying a house with the intention of selling it quickly is closed. You will likely lose money on flipping houses now.
- Buyers should look at the home's cost in relation to the cost of rent they would be paying otherwise. If the sums are comparable, buying is probably a good idea.
- If you're selling your home, it could pay to check out a home valuation website, which will attempt to mimic what a real estate agent does when he or she estimates the worth of your home. It shouldn't be your only tool, says Damon, but it's a good place to start.