Buying a new home is all about timing, and that doesn’t just mean what season you want to make the purchase in, but also what phase of your life you’re in.
Especially with big investments like houses, cars, or property in general, you want to get the biggest return possible. There’s a lot that goes into the decision-making process, and we can’t stress the importance of timing more.
The main factors that determine appropriate timing fall under two broad umbrella categories. These are Market factors and personal factors.
Market factors
This primarily includes current interest rates. This is important so you can take the cost of your mortgage repayment plan into account. The lower the interest rates, the more money you save when you pay off your mortgage.
The other aspect which can make a difference in determining the right time to buy a house is if you’re looking to purchase a house in the buyer’s market or the seller’s market.
The buyer’s market thrives when the supply of houses is greater than the demand for them. For example, there are more houses on sale and less prospective buyers. This is the best time to make a purchase, so ask your realtor broker Camp Hill to inform you when this situation occurs. Due to the lesser demand for houses, the prices usually fall.
Personal Life Factors
Personal life factors usually include your financial situation. If you’ve maintained a good credit score, it increases your chances of getting a mortgage approved. The same goes for if you have a steady income and can afford a down payment.
If your situation is the opposite, however, consult your real estate broker. Also take into account if you’ll be able to keep up with the rest of the expenses that come after you buy a home and move into it.
How you see yourself progressing in the future also has an impact on this decision. Are you planning to expand your family? Are you newly married or about to start a family? Do you want to change neighborhoods and look for more suburban places to live?
When to sign on the dotted line?
Just like the holiday season, there’s the buying season as well. And to no one’s surprise, the best month to buy is in January. This is usually when houses have been up for sale for at least three months, so sellers are eager to seal the deal. Summer is the season to AVOID buying because it’s a hot time for house sales to go up. If you can wait for the summer season to pass, then that’s probably a good idea to do so because it can save you a lot of money.
For a free consultation and more advice on when to invest, you can count on us at Smith Top Team, to help you make the right decisions. To find more top real estate agents Mechanicsburg and Camp Hill, contact us at your earliest convenience.