Profile picture for amsbirmingham

Is there a best time to buy a new house?

  • November 30 2012 - US
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Answers (5)

Profile picture for Ofe Polack
The best time to buy a new house, is probably when you need it!  Terms are good now, but there will always be a good buy on the market.   There are some buyers who are buying to take advantage of the low interest rates, to me that should not be the driving force behind a purchase but rather a convenience.
  • November 30 2012
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In today's mrket, the best time was yesterday.
  • November 30 2012
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Aloha, It depends on your local market. However the marktet in the summer usually has more buyers so your competiition is higher. However there are more lisings to choose from. I like the winter market Oct, Nov, Dec you will just need to be a little more flexable on time tables do to Holidays but price can be softer......JFK
  • November 30 2012
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Anytime you can obtain a loan pre-approval from a lender.  You didn't list the state where you are located.  So I will talk about where I am located, Northeast OH.  We have 4 seasons and the holiday season is here.  We have buyers who are actively looking for homes right now.  So, if you can obtain a loan pre-approval from a lender, talk to a buyer's agent about looking for homes to buy.  The buyer's agent will work for you and your interests at no charge, since the seller pays for all commissions.
  • November 30 2012
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Profile picture for Dave Kaushagen
Traditionally the slower time for sellers is during the winter or holiday season between November - December which can sometimes give buyers an advantage.

However...the best answer to your question in my opinion is the best time to buy is when it is most comfortable financially for you. Interest rates are very low right now which helps make home buying more affordable. As rates go up it makes buying less affordable. However, none of us have a crystal ball as to when that will happen. The assumption is that rates are going to stay low until 2015.

That being said, the best course of action is to start by determining what your most comfortable mortgage payment would be. This will help determine your max purchase price. In conjunction with that you'll want to find out how much liquid cash you have available for a down payment. The more money you have to put down the better. Remember, buying a house is also like putting your money into a glorified long term savings account since the home not only holds re-sale value but can appreciate over time.

Get with your Realtor or Loan Officer to help guide you through this process. I like to coach people through the home buying process even if they are 2 years away from making it happen. The key is to build a plan to accomplish your goals and a good Realtor or Loan Officer will help you through it. I highly recommend you go through the full approval process with a lender as early as possible. It will make your home buying process much less stressful and will allow you to take action quickly when you find a home you absolutely love!

Dave Kaushagen
Realtor
San Diego, CA
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  • November 30 2012
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