The Best Time To Buy A Home

As with most things in life, timing is everything. This certainly applies to buying a new home as well.

In her book, Starting Out, The Complete Home Buyers Guide, author, Dian Hymer writes that the ideal home time to purchase a home is when home prices are stable or increasing, and when interest rates are low. Conversely, waiting for the best time to buy can result in a missed opportunity.

It's impossible to know in advance how the real estate market will behave in the future. Ms. Hymer offers these guidelines to help you make wise decision about the best time to buy:

If there are more sellers than buyers it's called a buyer's market. Buying in this market has some advantages. Buyers have more inventory to choose from and prices are usually lower in this type of market. Lower prices mean lower closing costs too. A disadvantage when the market is slow is that the value of your home may actually drop before it rises again. Plan to live in this home for five years or more.

Buying a home in a seller's market may cost more, but there is a good chance that the property will be worth even more within the next few months.

As a real estate professional, I will be happy to arm you with the best information you'll need to time your home purchase correctly. Contact me at Heldt Realty and we can discuss your unique situation.