The interest rates in the US are lower than they have been in several years. If you are in the market for your first house, you may be wondering when is the best time to buy a house. After checking your credit score, meet with a licensed and experienced mortgage broker. Secure pre-approval before you hit the house hunting trail to expedite your purchase process and so you will have a good idea of the amount of buying power you have.
The Best Time To Buy A House
There are a lot of deals are on the market, so choosing the right time to buy a house is essential, and we have some tips to help.
Consider Your Rental Versus Buying Options
Most people start looking to find a home either when their family is set to expand, or when their rental costs are equal or close to the same as a mortgage. The job market and the housing market are always in a state of flux, but knowing when to buy can end up saving you thousands of dollars annually. If you have a stable job that will keep you secure for at least the next five years, it is a good time to consider purchasing a home. It is also important to look at your current monthly payments. If what you pay for rent and utilities is the same or close to what your mortgage payment and utilities would be, it is a good idea to consider homeownership.
Timing Your Home Purchase
Timing is everything even when it comes to buying a home. The real estate market is as is most crowded during the summer and spring months. However, in the winter the market is much more sedate. There are more homes on the market during the warmer months, but there is also much more competition and the purchase prices tend to be higher. In the winter, there are fewer homes on the market but also fewer people looking to purchase. This can equate to big savings on a home that may have otherwise been out of your planned budget. If you are flexible on your location or exact home features, shopping for a new house in the cooler months is the best bet.
Will The Pandemic Affect Home Sales?
Spring and summer are usually the most popular time for home sales. However, the pandemic has changed many of these trends. Not only are prices fluctuating wildly, but many families are also choosing not to list their home during this time of uncertainly. At the same time, home sales in rural areas have increased during the same time when sales typically slump in the same areas. Overall, houses are listed less often, but they are also snapped up off the market less often. If you are a childless couple, now is a great time to buy a home in the city. Small families are relocating to rural areas in masse. You can get a great price on newly vacated homes in city areas that are struggling to hold onto residents.
Check Local Markets
Although fall and winter have generally been the best time to get a good deal on a home, markets vary. Hiring a local real estate agent is the best way to get an inside look at your intended market. A realtor who is knowledgeable about the area can give you insight into factors in the area that may affect home sales in the current market or in the future. No matter what time you choose to buy your home, make sure you take the time to check pricing and other options such as property tax to ensure you get the best deal.
Graves Development Resources | Land Developer in Omaha, Nebraska
Graves Development Resources (GDR) has been designing and building the market’s finest neighborhoods since 2000, with over 5,000 homesites and important commercial development projects throughout Douglas and Sarpy Counties.
Our pages showcase current neighborhoods where new home buyers may select from hundreds of home sites. We are definitely “phone friendly” and welcome the opportunity to provide you all the information you need before making one of the most important decisions of your family’s future. Contact us with any questions.