THE BEST TIME TO BUY A HOME

When buying a house, you need to consider the time of the year, the economy and your personal circumstances for the best purchase.

Buying a home can be stressful and challenging and a realtor will be a great help in assisting you through the process. But before meticulously choosing your ally in the journey, you need to evaluate when is the best time for you to buy the real estate property of your dreams.

“Many factors can influence the purchase of a real estate property but making an educated decision is the best way to not feel buyer's remorse.”

An informed decision is based on a good knowledge and well-balanced mix of external factors such as timing and economy as well as personal factors such as family, work situation,...

1/ Timing

Depending on what you prefer to favor, different months of the year will be more advantageous for your real estate property purchase.

If you prefer a larger inventory with a lower price but less negotiating power, end of August will be your best bet.

More people put their houses for sell during the summer and they are willing to take a lower price before the fall.

If you prefer a lower price, between late fall and early winter is the best time for buyers on a budget but the inventory will be more reduced, so your choices will be limited.

If you do not mind paying a premium but care to have the most available options, then spring and early summer are good times to buy a house, as April has the most new listings.

2/ Economy

National and state or local factors can affect the housing market. Nationally, things like interest rates, the job market and the overall health of the U.S. economy can impact the housing market. Locally the job market and the rental market will affect the housing market too.

Always remember to shop for interest rates. When interest rates are low, it can allow you to afford a more expensive house. The downside of low interest rates are that the demand is higher, so the price of the real estate properties become higher.

While it is ideal to buy low and sell high, remember that purchasing a home when its value is trending upward is always a good idea, as you will start building equity immediately. A few factors like desirability, the development of new construction and the opening of restaurants, supermarkets, retail stores are always great signs.

3/ Personal Factors

When considering whether or not to buy a property, you must evaluate your financial situation. Paying medical bills, kids’ college tuition, retirement or an unstable source of income should be considered to not end up defaulting on your mortgage.

They are quite a few hidden costs when acquiring a real estate property such as unforeseen repairs, taxes, closing costs, insurance, utilities like water and sewer, landscaping, ...

So the question is not should you buy a home but how much home should you buy. Avoid the challenges of poor planning by discussing financials with your real estate agent, as he/she is knowledgeable about purchasing a real estate property.

In Conclusion

Proper planning and due diligence before buying a home is the best way to make a happy purchase and guarantee a financially stable future.