Holidays : Ideal time of the year to purchase a home ?

As a realtor, potential homebuyers ask me this question frequently.

Buying a house is the biggest investment most people make in their lives. It’s scary with a people to consider having to make this kind of decision. To begin with, consider if you are ready. Here are a few inquiries to determine whether you are ready to purchase a house.

Do I have good credit? This is important. You’ll want People’s credit reports above 640 to qualify for a loan. Make use of a licensed loan mortgage officer to help you determine if you’ll qualify.

Do I have a the place to find sell? If you have a home to sell, you may have to sell your home first before you buy another home. An agent could make this process move along smoothly.

Have I saved enough money for a down payment? There are 100 % financing possibilities, usually at a higher interest rate. You will find conventional loans provided with less than a 3 percent or Five percent down.

How long can i live there? It’s usually not advisable if you’re not going to live there for at least two years due to capital gains tax and your own equity growth.

Am I prepared to take care of a home? Condos and townhomes offer little to no exterior maintenance. However if maintaining the inside is not your cup of tea, you might want to see what handymen would charge you. You need to be conscious of maintenance costs before you buy.

So you are prepared to purchase a home. When in the event you buy? Just like there are seasons to purchase a TV, cars and coats in a good prices, this is especially true of homes.

Typically most people relocate the spring and summer. Inventory is up but so might be buyers. Sellers tend to be more optimistic about their sales prices early in the year. Sellers tend to hold on tighter for their sales prices. With more buyers, there might be multiple offers, and up goes the sales price.

The time to really hunt the great deals is in the fall and winter. Here is why; home sellers tend to be a little more serious about selling. They’re less optimistic by what they are able to jump on their house. Inventory falls a little in the fall and winter but so do the buyers. Having fewer buyers in the market is a beautiful thing if you’re buying a home. Sellers still recycle for cash, and seeing the decreased activity on their home is depressing. It’s a lot of fun to create a deal. You can observe this seasonal swing by taking a look at statistics in Utah.

The sweet spot for getting the cheapest price (yes, there is one) is between Thanksgiving and New Year’s. This is the ideal time for real auctions to consider a vacation. Why? No one wants to consider purchasing a house in the middle of the holiday mayhem.

So if you are worried you will probably have “missed the boat” in getting the best deal on the market this summer, just hold back until fall.

Agencies