When is the Best Time to Buy a House?

It is important to think very carefully about the timing before you decide to buy a house. Many of the reasons that will determine whether or not you decide to buy will be very personal. You may be forced to move due to financial reasons or a change of job, or you may to choose to move to a new house because you need more room or you want a house that is easier to take care of. You could be considering buying commercial property or buying as an investment, in which case your reasons will be purely financial rather than personal.

Financial reasons will also be important if you are looking for a new home for yourself, however. You will need to be sure that you can handle the long-term commitment of repaying a mortgage. It can be a good idea to get per-approved for a mortgage before you begin looking for a new home. This will show the sellers that you are serious about buying and it will also help to speed up the process once you find a house that you would like to buy. You will also find out how much you will be allowed to borrow. If a lender will not approve you for a large enough mortgage, then you may want to put off buying for a while. You could spend some time raising a larger deposit or improving your credit rating in order to enable you to buy the house you want.

It is also a good idea to consider the state of the real estate market before you decide to buy. You will be able to get more for your money if there are currently more houses on the market than there are people buying new homes. This is known as a buyer's market. It places you in an advantageous position. Sellers will be more willing to accept a lower offer in order to sell their properties, and there will be many sellers who are desperate for a quick sale after their houses have been on the market for a long time. It will also be a good time to buy when house prices have been falling, particularly if you can move from a higher priced area to one where prices have dropped lower. You should make sure that you consider the localreal estate market since the market for homes like yours in your area may be acting very differently to the overall national market.

Most house sales occur between March and July. This can be a good time to buy, but you may also be lucky if you try to find a house at a less busy time of year, as there will be less competition from other buyers. MASTERCLASS