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When Is The Best Time To Buy a Home?

When Is The Best Time To Buy a Home?

By Homeland Lending, Posted in Mortgage Advice
On December 28, 2018

There are many different factors to consider when it comes to the timing of buying your first home. You want to get the best deal, but you also want to have plenty of homes to choose from. Read on to learn when the best time to buy a home is.

The Best Time of Year To Buy a Home

Market trends show that you can save as much as 10% when you purchase a home in January or February compared to purchasing a home in June or July. Summer is viewed as a more favorable time to move, so sellers are likely to hold off on listing their homes until the spring, often at the encouragement of their realtor. That means the inventory available in winter months won’t be as robust, but you’ll be more likely to get better deals, as the homes available have been sitting on the market longer and there are less people looking to purchase them.

The Best Time To Buy a Home In Your Market

There are countless factors that determine the housing market in your area. Keep an eye on the homes available, how quickly they are selling, and any price reductions that are happening. When things are coming on and off of the market quickly, you’re in a seller’s market, which means it’s not a great time to purchase. But if new homes are sitting for sale for a substantial amount of time, it’s likely a buyer’s market. You’ve got options; it’s time to go house hunting.

The Best Time to Buy a Home for Interest Rates

Of course, if you’re financing your home, you want to make sure to get a good mortgage rate. Keep an eye on interest rates and buy your home when rates are low; otherwise, you’ll end up spending more over the course of the loan for the same amount of house. Be sure to check out an FHA loan if you are in the market for financing. They were created to make housing affordable and accessible.

The Best Time to Buy a Home for You

The most important factors to consider when purchasing a home are all about you and your financial situation. Can you afford the home you want? Do you have steady income coming in? Is your credit good enough to qualify for the mortgage you need? Are you settled enough in your current life track that you feel confident you’ll want to stay in the same home for a good amount of time? These are all important questions to consider when deciding whether or not it’s the best time to buy a home. Don’t jump into a home purchase just because prices are low; it still might not be the best choice for you.

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