What Is The Best Time To Buy A House?

Buying A Home

What Is The Best Time To Buy A House?

March 16, 2021

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“Buying a home is the best investment an individual can make.” – John Paulson

Buying a house is a big decision in a person’s life. You cannot just go out there and do it. It takes a lot of research and financial planning. It has to be a thoroughly thought-out decision.

If you are planning to buy a house, and wondering whether it is the best time to buy one, then this article will help you find an answer to your question. In this article, we will provide answer to all your questions regarding the best time to buy a house, on what factors does it depend, and so on.

So, let us begin.

Is there a best month to buy a house?

Yes, there is.

If you ask the experts, they will probably say:

  • Buy in November if you are looking to get the best price
  • Buy in April if you are looking for more options

And, if you want both then buy a house in August. Wondering why is that? Well, here’s why.

More people tend to shop for the property during the spring season, which makes property a little more costly due to competition. The decrease in the number of buyers during winter seasons ensures that you can get the same property at a little lesser price.

If you compare the numbers from the past, you will get to see that as many as twice the number of properties are listed during the spring as compared to winter. Quite naturally you will have more options to select from, provided you are willing to pay a premium price for them, during the spring season.

Therefore, time of the year also becomes crucial when it comes to buying a house. This is probably one of the most important reasons why the experts say to plan your finances well in advance if you want to buy a house.

Three Factors That Can Define the Best Time to Buy a House for You

As you have already seen that timing can play an important role when it comes to buying a house. But is it the only factor? Well, certainly now.

Keeping aside the time and season, here are three important factors that can help you decide whether it is the best time to buy a house or not:

  • Opportunity and Availability

Buying a house largely, or should we say, entirely depends upon the availability of the kind of property that you are looking for. For instance, you are not getting a desirable location and the kind of house that you are looking for. Rather than settle for something a little lesser, you must wait for the right opportunity to jump and grab the best deal.

Similarly, if a certain location appeals to you, and is always in demand, hence you cannot get what you are looking for, don’t lose hope. Continue to track the listings, eventually, you will find a property that’s right for you.

  • Renting vs. Buying

Compare the two i.e. the rent you are paying for the property vs. how much would it cost if you were to own a similar place. If the latter comes out to be more than the former, then it is the best time to buy a house.

Here’s how you can calculate it:

Divide the sale price of the house in which you are living by the rent price. And, if the result comes out to be a 10, or even near 10, it means the buying cost is lesser than renting it.

  • Your Income

Of course, financial capability defines whether it is the right time for you to buy a house or not.

For instance, if you are a salaried person you must be certain of having the job for the future. If you cannot see that happening for the foreseeable future, quite the plan of buying a house.

Moreover, if you are a first-time home buyer you need to also keep an eye on the interest rates as well. Make sure you plan to buy the house when the interest rates are low or near the bottom.

Don’t Forget To Plan Your Finances before You Buy

One of the most important things that you cannot afford to ignore here is planning your finances. Make sure you check and compare the mortgage rates, the terms and conditions, and your credit score. All these factors can play a critical role in your decision to buy a property, and in defining whether you can afford a house that you want to buy or not.

Keep into consideration everything – from the down payment amount that you can make to the monthly mortgage that you can easily pay while managing your other living expenses. Never go house shopping before you have all of this sorted out for you

The Best Time To Buy A House Depends Entirely Upon You!

From all the information presented above, it can be concluded that the best time to buy a house does not depend upon just one thing. Rather, it depends upon multiple factors. It also depends quite a lot on your patience as well. Like mentioned earlier, it can take a while to find the property of your liking, and at a price for which you might want to buy it.

You can either choose to wait for the right time, or there’s another option – get in touch with the experts who can do it for you, like Negotiator Recognized Partners. NRPs can take care of everything when it comes to helping you buy a house at the best price. From researching and finding the right property to negotiating on your behalf – they will do it all for you. If you are having trouble locating the right house for you to buy, it is a worthy choice to get in touch with NRPs and let them do the job for you.

So, are you ready to buy for your first house?