When is it a Good Time to Buy a Home?
As you reach retirement age, you may be considering a move to a smaller or more convenient home. Since the housing market has been on a downward trend these days, you may be worried about this move. After all, this is not just penny-candy we are talking about here. There may be some deep conversations, pros and cons analysis taking place between you and your spouse about buying a home. One of the questions you need to consider is whether this is a good time to buy a home.
Good Times to Buy a Home
One of the best times to buy a home is immediately after the winter season. This is the time when New Year resolutions are followed through and many people consider selling or moving. As the flowers begin to bloom and the weather becomes more bearable, you will find many “For Sale” signs cropping up all over the place. The streets may be full of buyers and sellers and real estate agents ready to welcome the spring sales. But just when the winter ends, not many people would be interested in venturing into house hunting yet, and you get the edge over others because of the lack of competition.
How to Know if it is the Right Time?
Although various people will tell you when it is the right time to buy a home, you need to consider various factors before doing so.
Market Conditions - For example, consider the market. Right now, the market is extremely favorable to home sellers. This means you are down on your luck. Although you may be able to find a few good deals, your choices may be extremely limited. Waiting around for the market to favor you will only make matter worse as there are signs of market recovery. Last year, was the right time for you to have bought a home. This was the time when the market was low and this favored the buyer. In January, however, the total number of homes for sale in the US decreased by 16.47% from last year. The significant year-over-year decline in homes showed that the real estate market had worked through much of its excess inventory and, if these conditions continue, sellers are more likely to receive their asking price.
Mortgage and Housing Loan Interests - Another factor to consider is the interest rates. You will naturally be getting a mortgage for your new home. This means you have to consider the rate of interest on your mortgage. The purchase of your new home is more affordable when the mortgage rates are low. Speak to your banker about the best time to get a mortgage.
Local Conditions - Although January and February may be the best times to buy a home, you should always consider the local real estate market before buying a home. Certain state-related taxes, community incidents, and other factors can make the local real estate market different from that of overall market conditions.
If you are interested in moving to a new home, always obtain the assistance of a real estate agent. These are the most suitable persons to offer you advice on the best time to buy a home. If you are past 55+ and looking for an active lifestyle community that will allow you to enjoy your retired life, then visit our website. Our site, activeadultliving.com brings to you information of over 8,500 Active Adult communities that are either age-restricted or age-targeted. These are ideal home purchase choices for you, given the added amenities and special lifestyle options such as golfing communities, waterfront communities, 55+ rental communities, and a host more.