While there’s typically no universal “right time” to buy a house, there are certainly times when the market is better. There are also times when things line up in your life, that could potentially make purchasing a house a better choice.
If your finances seem to be in a good place, and buying a house is something you’ve been considering, now may be the best time for you. Planning to buy a house can take time, especially if saving your down payment, and working on your credit score is something you need to do. Working on credit takes time, and we all know how long saving can take. If you’ve crunched your numbers and discovered that you have enough of down payment saved to make an offer, now may be the time.
Another big portion of buying a house is being able to afford the mortgage of the property you purchase. Do your research and see how much of a down payment you need, and what sort of monthly mortgage you get approved for. Getting pre-approved can be key to knowing what you can and can’t afford in the form of a monthly mortgage.
Everyone knows markets can constantly change, but if the market in your area is lower or benefitting buyers it may be time to consider buying a house. Keep an eye on the Bend Oregon real estate for sale leading up to your purchase, that way you’ll know if the property you have your eye on is a good deal or not. Keep in mind that it’s near impossible to time the market and your purchase perfectly.
A good bit of advice: you should never buy a home you can’t afford, but if the market is really benefitting buyers it may entice you to start looking more seriously. Consider what the rental market is like in your area. If it still benefits you to rent instead of invest in property, maybe now isn’t the time. But if rental prices are high, now may be the time to start earning some equity in a property. Interest rates on home loans are important to consider as well. Are they high or low, falling or rising?
If you have a lower inventory in your area, it may be more beneficial to the seller than the buyer. Less properties selling faster, may mean that bidding wars are more popular, which result in driving up home listing prices.
Consider the time of year, and whether there are lots of listings or less listings. The time of year can have a lot of influence on how many listings there are, how fast they’re selling, and what kind of deal you can get. If you’re planning to buy a home you’ll want to make sure that it’s a place you’ll want to be for a while. Staying in a home for at least five years ensures you lose the least amount of money on a property. Pay attention to the market trends and make the right decision for you.