Best Time To Purchase A Home For First Time Home Buyers
This Article Is About The Best Time To Purchase A Home For First Time Home Buyers
Many homebuyers ask the question when the Best Time To Purchase A Home. The decision on when the Best Time To Purchase A Home is equally as important as the overall home buying process. Frequently asked questions by buyers are the following:
- When is the Best Time To Purchase A Home?
- Where should I purchase my home?
- How difficult is it to qualify for a mortgage?
- Are mortgage rates low?
- Should I wait until rates drop?
- Are we headed towards another Recession?
- Why is the Best Time To Purchase A Home important?
- Timing can be very important when buying a home
- The housing market has been hot for the past several years
- There is more demand than inventory
- Home prices have been increasing the past 36-months
Timing On The Best Time To Purchase A Home
Landing your dream home at the right price, interest rate, and budget is key:
- If you have children, you may need to time your home purchase with the start of the new school
- Children can transfer during the school year but if homebuyers can time the time of the year so they can start the new school with the home purchase, it would be ideal
The buyer’s cash and financial situation can also play a role in the timing of the home purchase.
Factors Affecting The Best Time To Purchase A Home
Timing can be everything when buying a home. The first home you see may be the dream home for you. However, equally as important is to make sure that you have the proper finances in order:
- Do you have the down payment and closing costs?
- If not, how are you going to get the down payment and closing costs?
- Gifted funds?
- Borrow it against your 401k?
- Sell something?
- Can you afford the new housing payment on your new home?
- What type of payment shock will you have?
Also important is how much can you qualify for? Take into consideration how much you can afford versus qualify? You do not want too much house where your lifestyle will be affected.
Time Of Year For Best Time To Purchase A Home
Below are the factors home buyers should consider when thinking about the best time to purchase a home:
Time of the year:
- Home prices are often less during the end of the year
- This holds true during Thanksgiving and Christmas season and when the weather is colder
- Sellers who list their homes during the winter are often more willing to negotiate their home prices
- Many companies transfer employees to another state during the slow winter months
- This means that sellers need to sell their home fast due to relocation needs
- Many homeowners are desperate of cash and need to sell prior to the spring busy housing season so buyers can get better deals
- Many homeowners need to sell their homes during the winter which means lower prices and better negotiation
This means a better deal for the home buyer.
What Experts Say
Tammy Trainor feels that the Best Time To Purchase A Home is now when mortgage rates are at a three-year low. For more information about the contents of this article and/or other mortgage-related topics, please contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at firstname.lastname@example.org. The Team at Gustan Cho Associates Mortgage Group is available 7 days a week, evenings, weekends, and holidays.
November 6, 2020 - 3 min read