“Now is a great time to buy.” You’ve heard the phrase before, but when is the best time to buy a home? How do you calculate it out and time the market just right so you get the best value for your dollar? With the threat of interest rates rising in the coming year, many people are talking about whether or not now is the best time to buy a home and we’re seeing more and more people looking, which could easily lead to a big start to 2017. So how do you know when to buy? Is there a magical calculator that allows you to punch in a few numbers and have it spit out a date? We think you know the answer already.
While there are many factors that can make buying a home at any particular time better than others, there is no one size fits all answer. The idea of it being the best time to buy a home relies on many factors, the biggest piece of the puzzle being you and your personal needs. Sure, timing the market to get the best deal seems like the thing to do, but can you really predict the future? If you can, you wouldn’t need to worry about timing the market with housing, because you’d have enough money to buy just about any home you wanted.
It makes sense to buy when prices are at their lowest and if you’ll be getting a loan, you’ll want interest rates to be as low as possible, but those two factors alone shouldn’t drive your decisions. You need to ask yourself, am I ready to buy? Does this home suit the needs of myself or my family? Can I afford this home, not just today, but in the future? Do I love this home? Can I see myself in this home 5, 10, 15, 30 years from now? These are the questions that should drive your decisions, not a financial wizard on the television newscast shouting “now is the best time to buy” to anyone that will listen.
Buying a home is a personal decision and should always be rooted in the facts…your facts, not someone else’s. The best time to buy a home is when it is best for you. So start answering those questions for yourself, take a look at your finances, look at your long term goals, and go take a look at homes for sale to see what’s out there. When you’re ready, talk to a lender and a Realtor and ask questions. When it’s the right time for you, you’ll know it.
image courtesy of DeLerkim