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Hi everyone! I know there are quite a few members in here who are real estate professionals. So I thought maybe I could get some good tips on house hunt from the experts but any advice from anyone would be appreciated too!
My question: when is the best time to buy a house? I read that winter and spring is a good time to go on house hunt because more people putting their house on the market in spring and that could mean more competitive = can negotiate better(?), and the market is low in the winter thus sellers maybe are more willing to lower their prices(?)
Hi everyone! I know there are quite a few members in here who are real estate professionals. So I thought maybe I could get some good tips on house hunt from the experts but any advice from anyone would be appreciated too!
My question: when is the best time to buy a house? I read that winter and spring is a good time to go on house hunt because more people putting their house on the market in spring and that could mean more competitive = can negotiate better(?), and the market is low in the winter thus sellers maybe are more willing to lower their prices(?)
Thanks!
The best time is when you really can afford it. And if you can, be patient and find something you like within your budget.
Any RE professional will always tell you NOW......no matter when you ask. They will always tell you the market or mortgage rates are going up, or are projected to go up. In a bad market (which is now) they will tell you that we never know when we have hit bottom but we are close.
And they are, btw, right every time for the time. So the best time to buy is when you have the time, interest, energy, and money. Also when you believe you will be able to own that property for several years (I'd say about 4 years at least) without having to sell it again. I've seen fabulous deals in every season, at high markets and low markets. When the time is right for you, be patient and understand you might find the right place very quickly or it may take 6 months.
I agree w/ you, Squirl. Thus we thought that since the housing market is slow right now and want to take advantage before it starts up again. but the thing is that I read that a lot of people put their houses on the market in spring - true or not i don't know but would to know....if it's not the case then we could just get the house that we like at anytime instead of waiting until spring to do our house hunt....more suggestions would greatly appreciate!
If you're not fussy, you can get better negotiations on houses October-February (especially in Northern climates). However, if you're searching for a dream home, those will not be the cream of the crop, but homes no one would buy during the peak season. Many sellers simply pull their homes off the market and relist the stale donuts (ht MAM) in spring.
Best time to buy is when you find a house that meets all your criteria and you see that it is priced well (in line with recent sales).
I read somewhere, forgive me, I cannot remember so how good is the data ... It's as good as getting it from any economist of wannabe... For every percentage increase in mortgage rates, we will pay 8% more towards the mortgage on a house.
There is no best time.
1. When mortgage rates are exceedingly low, homeowners believe they can get more for their home because the rates are low. Thus, they have created an inflated market.
2. As mortgage rates rise, there will come a point when the sane and logical ones out there say, "This isn't worth it." Prices will have come down on houses.
But I agree - buy when you know you have the money (cash somewhere even if you get a mortgage) to buy and these days, it better not be job security dependent because that has become a myth. There is no job security.
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