Profile picture for Angela1982

When is the best time to buy?

We are looking to move into a bigger home, and sell/rent our current... selection seems slim right now.  When is the best time for buying?
  • October 22 2013 - Temperance
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Answers (12)

Best Answer

That depends on what your goals are!

Traditionally speaking, inventory is higher during the summer months. There are multiple reasons for this: who wants to move during the winter months?; families with children typically want don't want to move schools until summer; homes are easier to sell during summer months (nicer weather, longer days, etc.)

Therefore, if you're goal is to find a home you are going to have better luck during the summer months when inventory is higher. On the contrary, if you are looking for a deal you may have better luck during "off peak" months.

With all that being said, when the right buyer/seller come together timing really doesn't matter. If you're ready to sell then find yourself a great Realtor and list your home now! When the right one comes along for you you'll know it and what to jump on it right away!

Hope this helps!

  • October 23 2013
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Profile picture for juliecristkeech

Of course, every realtor wants to tell you "NOW Is the perfect time!" However, it truly is "The perfect time" because there is a "perfect storm" of events as I like to say happening within the market today to create the perfect opportunity to buy or sell.

In my opinion, these are the three elements that have created this "Perfect Storm".

First, the buyer is a part of historically significant low interest rates. With these interest rates, the buyer isn't being offered a mortgage at a low interest rate… The low interest rates are tied to the traditional investment market as well where those products like 401s, IRAs, Stocks and Bonds, etc are experiencing lower returns in comparison to real estate investment. Instead of investing money in these traditional venues, people are taking their money out of them and investing in the real estate market where the returns are much higher and rates are significantly low. They see higher returns in less time with real estate endeavors.

Secondly, the sellers' market has finally hit a low and bottomed out throughout most of the cities in Hampton Roads after a three to four year free fall. Many markets are on the rise now. This helps to secure the seller in the knowledge that they are most likely going to be able to sell their house for a solid price in the market because appraisals have evened out. When I say this, I mean for the last couple of years appraisals have fluctuated... we in the real estate industry didn't know whether they would come out low or at value but we knew they would hardly ever come in above. Now, they have finally leveled out and we've seen more consistency in the market values.

Lastly, in many cities, but especially on the peninsula, there are trends of low inventory which lends itself to a sellers' market again… not in all price brackets but in many especially under 300k, there are situations where the sellers are receiving multiple offers again and competing bids. This is helping to stabilize and drive up market values again, especially when their competition for the most part are foreclosures and short sales in poor or average condition.

In conclusion it is a great time for buyers to buy due to the interest rates and it is an even better time as a seller because as buyers go out and take advantage of this, there is more opportunity to receive offers and sell their homes. Ultimately, price, condition and inventory (availability) is what dictates the market and what indicates a good time to sell. Of course these factors are also relative to the area you are in and what the local economy is like as well.  

  • November 01 2013
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Profile picture for Angela1982
My job is secure, and have financing set in place. We have been looking, just not seeing much on the market. I've looked at sales in the past year and plenty has sold in our price range that is what we are looking for... Maybe the market just moved up.
  • October 24 2013
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My thoughts would be to get your finances in order, Make an appointment with your lender and explain what you would like to do. They will be able to tell what type of loan would be best for your situation thus rent your home and buy now or stay where your at until a later date when you are set up for a type of loan that meets your finances.
  • October 23 2013
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I believe the best time to buy, or sell, is after you have all necessary information to make a decision that is appropriate for you and your family/circumstance.  Meet with a mortgage professional/tax advisor/real estate agent (any one whose expertise and experience will help you evaluate your situation).  Once you have complete and thorough information you will have the knowledge to answer your question confidently.

All my best,

Deborah
NMLS #279125
WJ Bradley

"We Listen.  We Care.  We Deliver."

  • October 23 2013
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Hello Angela,

Melia and I truly believe that mid November is the best time to buy because the market slows down everywhere, so the seller's are willing to take a bit a reduction in price, plus the competition isn't as severe as it can be during other times of the year. Once you buy mid November you can still close before the holidays to enjoy a nice break.

Good luck on your home purchase!
  • October 23 2013
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Now is the best time to buy because interest is still super low, even thought home prices have gone up in the last year or so, it is still remain low.  Typically, there is a seasonal trend.  Historically, winter time is when real estate is slower, more homes are on the market so for buyers have more selection to choose from and can even bargain to save some money. 
  • October 23 2013
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I think a really important part of the answer, is in regard to how secure you are in your job or business. Sure, interest rates and home prices are really important, but the anxiety of taking on a mortgage, when your personal life is uncertain, can really take a toll on you. Gives you something to think about!
  • October 23 2013
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Profile picture for joshmay
As another poster stated - its important to monitor interest rates.  You may have a larger selection in the Spring, but Rates also may be higher effecting the home affordability index.  It may also be easier to sell now as inventory is low and rates maintain low.  Most of my clients are putting their home on the market ASAP, attracting an offer, and then hitting the ground running with their home search.  
  • October 23 2013
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Profile picture for Juan Diego Saffon
Best time to buy is yesterday. So list your home for sale or rent it out and start looking for a home you would like to buy. Inventory is limited but money is so inexpensive to borrow that it is easy to be flexible with selection. Also, there might be some big changes in borrowing terms that might limit buyers and create a bigger challenge to own real estate. 
  • October 22 2013
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NOW! The Fed is going to keep interest rates low for only so long, as interest rates go up your purchasing power goes down. Inventory is low, but you can try and find homes that are off the market. I would ask your realtor to go back 3 years and look for expired or canceled listings that never sold. If you know exactly what area you like, send out a client letter saying you are looking to buy a home in their neighborhood. This has worked for many of my clients.
  • October 22 2013
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If you need to sell before you buy a home I would recommend placing your home on the market around March (spring). This is the best selling period for most areas. If you decide to rent your home out your debt to income ratio must be able to support it. Most rentals require 2 years of history prior to the bank considering it less than100% debt.

  • October 22 2013
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