Home buyers are always asking me, when is the best time to buy a home? Maybe the better question to ask is, what factors determine a good time for me to buy?
Is your lease about to terminate or come up for renewal? Are there other market factors such as mortgage rates remaining low that drive your search? Also, do you know much do you need for a down payment and how much can you afford?
Several factors go into determining when is your best time, such as: what is your credit score, debt to income ratio, your savings on hand, and do your future life plans include remaining in your current market? These factors also help determine if buying sooner rather than later is in your best interest.
Questions your Exclusive Buyer Agent can help you with are:
- Do you have 2 years or more work history in the same field?
- Do your Future career plans include remaining in the same market area?
- Do you need to enroll children in a school district before school starts in the Fall?
- Do you need to be concerned about a commute or can you telecommute? Is that likely to change?
- Do you have enough savings for purchasing now, or, do you have high enough income and credit score to use down payment assistance to get into that first home?
These are questions that will help you determine what is your best time to enter the current or future market.
Your personal or joint income and lifestyle will also help you decide what type of housing will work best. Is a single-family house right for you and your future lifestyle plans, or is it more in line with buying a condo or townhome?
Current market conditions can also affect your home-buying decision. Historically, buying in the later months of the year have resulted in some savings over purchasing in the Spring-Summer market, however, does that historical factor remain consistent in a Seller’s Market when inventory is low?
Minneapolis Area Association of Realtors Association annual report indicates that Closed Sales were up 7.7% in 2020 over the previous year, while inventory is still remaining lower than average year of year. And, Pending sales were up 9.7% over 2019.
No matter your age or buying power, we can help you get all your questions answered quickly, because we are actively helping other buyers so we are current with today’s market conditions.
With this knowledge we can help you strategize a plan to negotiate a great deal for a new home in any market, because we have phenomenal lenders, inspectors, closers and other help you get you into the home of your dreams and start building equity in any month of the year.
Depending on the area in which you wish to live, how long you wish to live there, and other market trends, you can start creating equity with home ownership in the short term.
We can help you make your dreams come true while protecting your best interests, no matter your age or home-buyer status.