Is Now A Good Time To Buy? How To Find Out
The best time to buy a house depends on your personal situation. The property market can be a tough one to get an advantage in. While you, the buyer, are looking to get a good deal on your ideal house, the sellers are looking to get the best possible price for their property.
However, you can know whether or not it's a good time to buy by paying attention to a number of things.
Is the Market Flooded with Buyers?
When the market you're looking to buy property in is flooded with buyers, that should tell you that the prices are, perhaps, not as competitive as you'd like. When more people are looking to buy than sell, it's a seller's market. The property owners can place high prices on their houses and keep them there because they know sooner or later, someone will likely buy.
Buying in such a market is tricky, not just because of the high prices, but because it's easy to find yourself in a bidding war with other potential buyers. A bidding war is something best avoided.
How Many Properties are on the Market?
There are times when the number of buyers in the market doesn't really matter because there is a significant number of properties available in the market. Even if the prices are high in such a market, a large number of properties will give you more houses to choose from. When the selection pool is deep, it's easier to find a house that is just right for you. If you're going to spend a fortune on a house, it might as well be the right one.
Additionally custom built homes are a great option if you don't find anything on the market that you can tailor to your needs. Building custom homes eliminate the need to compete with other buyers over a small selection of quality homes; when you go through a builder, the price is more or less fixed, and you can pay for exactly what you want.
Do You Currently Qualify for the Program You Want?
If you're interested in a particular home and loan program, waiting to buy can be risky. The situation can change in the time you wait. The market prices may go up and the interest rates too. This could result in you not qualifying for the program that you wanted. Therefore, it might be better to buy when you still qualify.
Are You Ready to Buy?
Many experts agree that the best time to buy is when you're ready. The values of homes for sale can fluctuate unpredictable, and the interest rates can also rise in the future. Waiting for the ideal moment is a gamble especially if the current situation is already skewed in your favor. If you can afford to buy, don't wait.