Home buying season is quickly approaching and many first-time home buyers are scrambling to find the best deal on their new dream home. While the current economic climate makes it challenging for some buyers, there are still many affordable options in your area.
In fact, you might be surprised at how affordable many of the housing market perks are right now! If you’re ready to take the plunge and lock in some low mortgage rates, here’s when to buy a house. The following paragraphs will discuss some of the best time periods for purchasing real estate in your local area.
With unemployment on the rise in the US, many home buying options are available during the “means of necessity” month of April. This is the peak month for home purchases as many individuals who are out of work benefit from taking advantage of this period to buy a house.
The employment rate in the US is near an all-time low, which provides a prime opportunity to buy. In addition to that, April is traditionally the first day of the new school year talktotucker – local mortgage experts. Homebuyers benefit as many families with young children go on vacation and many of these families would otherwise not be able to purchase a house.
Another good time to buy a house is when there is little to no competition. Right now, many sellers have little or no competition for their homes. In comparison, many cities have very aggressive sellers who are vying for as few properties as possible. However, by advertising through various media, especially during the month of March, a seller can bring in a large volume of interested buyers. After this period, prices start to decrease as the housing market gets back into a “good cycle.”
Another good time to buy is after the winter holiday binge. The month of January is typically considered the off-season for home purchases. Many homebuyers are forced to take jobs at lower wages because of the poor economy.
This usually leads to spending to cover bills and less disposable income to put towards a home purchase. When the economy recovers and job opportunities start returning, home prices should rebound and many homebuyers find they have the perfect timing to buy their new house.
A final good time to buy is in May or June. This is the time of year when both buyer’s demand and seller’s competition are at their highest. The summer months are generally known for their high home prices. The springtime is when home prices begin to gradually decline.
Many homebuyers are trying to determine if home prices will fall further so they can make the purchase. If home prices continue to drop, home buyers will be able to purchase a home at a lower price than they might have previously thought.
Whether you are buying a home now or later in the spring, the best time to buy a house is when the interest rates are at their lowest. Interest rates are likely to increase slightly in the coming months and home prices could rise even more.
In order to determine the ideal buying time, it is important to determine how much you need to pay for your home and how much home you can afford monthly. Then, consider the home buying resources on the Internet that can give you helpful advice about home buying.