Business & Finance mortgage

Buying a New Home: Is Early Year the Best Time?

If you ask five real estate agents when the best time to buy a new home is, you'll likely get five answers that are at least slightly different from each other.
That's because the question of when to buy a new home, much like the question of when to sell, is one that's affected many variables. What market are you talking about? How much money do you have to spend? Is the inventory low or high this month? How are interest rates right now? These are just a few of the factors that influence the home buying process.
So while there are no hard and fast rules to provide iron-clad answers, there are some universal truths about the home buying process that any buyer should bear in mind when considering the timing of a purchase:
Are you ready to buy?
Regardless of the time of year or the state of inventory on the market, if you're not ready to buy a new home, you're not ready. If you don't have a decent-to-good credit score, money saved for a down payment, money set aside for home repairs, and debt that's under control€"and most importantly of all, reliable income€"you're probably not quite ready to buy a new home.
State of your local market:
When there are more sellers than buyers, home prices tend to go down in keeping with the law of supply and demand€"and vice versa. Consult a real estate agent who works on both seller and buyer sides to learn more, and follow the news stories of your market's local real estate journalists to keep up with trends.
Time of year:
Generally speaking, home prices tend to fall around October and stay in the lower ranges through March. Home prices are usually highest in the later spring and in summer, likely because many people wait to list or move when school is out or about to be out. Again, your real estate agent can provide you greater insight.
After taxes:
This time of year can coincide with the time when prices tend to rise, as mentioned above. However, it's also a time when buyers have an advantage in the form of extra money to put toward a down payment, because they received a refund. Also, you have the advantage of being able to provide recent information to your mortgage broker, since you have a new year's worth of income reporting to offer.

Motivated sellers:
Regardless of the time of year, a motivated seller is always an advantage to a buyer. Unfortunately motivated sellers usually don't advertise themselves as such, but your real estate agent is sometimes in a position to steer buyers toward properties based on his or her knowledge of the seller's situation. Deaths, births, new jobs and divorces are often enough of a motivator for a seller to come down on the list price, which is why it never hurts to look around here and there in €dream house€ neighborhoods that are a bit out of your price range. You never know what unexpected bargain you may stumble upon!
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