Spring, Summer, Fall – When is a Good Time to Buy a House?
“When is a good time to buy a house?” is a common question we get. We wish it was a simple answer such as a season. But there are so many other factors to consider. (Side note, if you’re buying a home in Kansas City, check out our ultimate guide.)
Don’t Wait on the Housing Market
Ideally, you would purchase a home during a buyer’s market. A buyer’s market means that inventory is high, so sale prices are lower and you have lots of options and aren’t rushed to make a decision. However, this is only sometimes achievable. Try to refrain from attempting to predict the real estate market to buy a house. Because the market fluctuates, determining the precise moment isn’t that easy.
Photo by Zac Gudakov on Unsplash
Consider Mortgage Rates
This is a hot topic right now in real estate. Home costs have increased gradually since 2020, and loan rates have increased steadily this year. On average, the cost for a 30-year fixed loan mortgage was around 3-4% in January 2022, but it is now over 7.08%.
Sadly, inflation has much to do with the higher mortgage rates. However, it will cool back down – it always does! And we’re seeing signs of this. As inflation comes down, so will with the mortgage rates, which is positive news if you’re a homebuyer.
Buy Even During Winter
Yes, you read that right, winter! Per Altos Research, the volume of for-sale properties countrywide is increasing by 1% every week, an unusual tendency for the winter season. There are presently over 500,000 properties for sale in the United States. Buyers have never had such a wide selection of houses to pick from in three years.
Affordability Is The Key To Buying A House
Listen, we’re not here to tell you to buy a house just because you want it, even if you can’t afford it. When considering when to purchase property, the ideal method is to purchase it when you can manage the finances. But another thing you can’t do is attempt to forecast mortgage interest rates or house prices. People who waited to buy over the past couple years may now be kicking themselves because of today’s high interest rates. Bottom line: if you locate a home you like and can afford, purchase it.
So, when is a good time to buy a house? As you can see, there are many factors, and we know it’s not a decision to take lightly. Hiring a real estate agent who you can trust, who knows the area and can represent you well is so important. We’d love to be that trusted partner.