Buying a home is a huge investment, both financially and emotionally.
Whether you’re a first-time homebuyer or this isn’t your first rodeo, it’s helpful to know the best time to buy a house so you can get a great deal.
Before you plunk down an offer on your dream home, read on to learn more about the best times you should be making an offer.
You’re in Good Financial Shape
In reality, the best time to buy a house is when you’re financially ready. This means you have a solid credit score, a stable job, and a good debt-to-income ratio.
In addition to having your personal finance ducks in a row, you should also have money saved for a decent downpayment. While the 20% down rule is not always applicable, you’ll need a minimum of 3% down depending on the type of loan you choose.
It’s Time to Settle Down
One reason many millennials aren’t buying homes is due to the fluid nature of their careers and lifestyle. However, if you’re ready to stay put in one place for a long period of time, buying a house might be right for you.
Prioritize what’s important in your life including location and proximity to family members, word, and shopping. If you feel like you could live in your current city or town for at least five years, buying a house could be a wise choice.
The Best Time to Buy a House is up to the Market
Sure, spring is usually when many homes hit the available inventory list. But there’s really no definitive season or time of year that makes the process of home buying better than another.
What really dictates the best time to buy a house is the market. If you’re looking at a buyer’s market with higher inventory and lower prices, that’s your best option. Markets that are “hot” will usually have multiple offers, higher prices, and you’ll find fewer homes to choose from.
You’re on a Solid Financial Foundation
Buying a home can be more expensive than renting, even if your mortgage payment is lower. That’s because things like home maintenance can do a number on your budget.
If you have a good emergency fund and reserves in place, you’re in a much better position to buy a home. Remember that you don’t want to end up house poor, so do your homework and decide on a price and monthly payment you can afford before you start shopping.
The Road to Homeownership
Take all of these factors into considering when you want to know the best time to buy a house. With some research into the market and your finances in place, you’ll be ready to get the keys to your dream home in no time.
To find the buyer’s agent for you and to schedule an appointment, contact us today and visit our website for lots of helpful home buying tips.