If you have to move because of a job transfer or some other reason that requires a fast move, you may need to buy a house as soon as possible unless you rent for a while first. If you have plenty of time before you need to buy a house, you may want to wait and do it at the best time. Here are some good times to buy a new home.
Buy According To The Season
More homes go on the market in the first part of the year as people prepare to move during the summer when kids are out of school. Many people want to have their homes sold by spring, so during that time, you'll have the largest selection of homes to choose from. If a wide variety is important to you, then start looking for a home before the market starts slowing down in the summer.
That doesn't mean fall and winter are necessarily bad times to buy a house. While there may be fewer homes on the market then, there may also be fewer buyers looking for homes. That means you might have a better chance at negotiating a great deal on your new home. Shopping for a home over the Christmas season might pay off since you'll probably have very little competition and a seller with a home on the market during the holidays might be a little desperate to get the property sold.
Buy When Prices And Interest Rates Are Lower
If you have time to wait for the economy to move towards your favor, then wait to buy a house when the prices are low and interest rates on mortgages are low. These change along with fluctuations in the economy, and you don't want to buy a home for a high price only to see the value drop later on. While it might be difficult to predict what will happen with the economy in the coming months and years, an experienced real estate agent can offer knowledgeable advice, especially if the agent is very familiar with the local market.
Wait For A Buyer's Market
Monitor the homes on the market in the area you want to buy to see how quickly they sell. If homes in good condition sell in a matter of weeks or a few months, then it is probably a seller's market. That means the seller will be getting several offers on the home and can be choosy about the selling price. On the other hand, if homes linger on the market for many months, then it's likely a buyer's market. Sellers may be antsy for bids and more willing to negotiate a better price when you make an offer when homes aren't selling quickly.
Ultimately, the best time to buy real estate may come down to when you find a home you really love and don't mind paying more for, just so you can get it. However, if you want to invest your money wisely and you plan to sell the home for a profit in a few years, you may want to wait until you can find an exceptional deal, even if it means you need to rent for a few months until you find the perfect home.