When is the Best Time to Buy a Home?

When is the best time to buy a house? We find that many buyers are waiting for that magic drop in sale prices. This might not be a wise strategy. Even though you may have heard that housing prices are falling, in many areas they are not only stable, they may still be on the rise. It's almost impossible to time markets.

Some REALTORS® are adamant that the best time to buy is during the winter holiday season. There are fewer buyers looking then, so there is less competition from other buyers. Also, although the selection of homes for sale may be lower than at other times of year, those who are selling are usually motivated.

Another consideration is interest rates, which are low right now. As of September 14, Freddie Mac reported interest rates the lowest they’ve been since March of 2006. Low interest rates make housing more affordable. The lower the monthly payments, the easier it is for buyers to qualify for mortgages. With competition heating up this season, some lenders have cut home loan rates, while others might follow suit. In certain cases, loan financiers are even willing to give 100 percent financing.

The reality is that homes sell all year long. General economic conditions — that is, personal finances plus the state of the nation’s economy— can have more effect on a buyer's decision to buy than the time of year.

Really, there is no perfect time to buy a house if it is for self-occupation. Any time is the right time to buy, as long as you understand that it’s usually a long-term commitment. Should you wait for a better time to buy? It's often not easy to find the right home for you. So, if your finances are in order and you're buying for the long run, plan to buy when you find the right house at an affordable price. Don’t lose the home of your dreams while dragging your feet!

Most important of all, find an agent you really trust. With the strength, reputation, and resources of Prudential California Real Estate behind us, we can find the ideal house for you and make certain the timing is perfect.

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