When is the Best Time to Buy a Home?

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When is the best time to buy a home?

And just like that, summer’s almost over and kids are headed back to school. Typically, home sales rise with the temperature as buyers find it more convenient to move in the summer. If you, however, were unable to secure your dream home this summer all is not lost. Some trends suggest the good deals are right around the corner so here are a few tips to keep you occupied while you wait.

Avoid big purchases
If you’re in the market for a home, it’s a good idea to avoid any large or significant purchases. The reason is these purchases can affect your credit profile by decreasing your FICO credit score. Large credit card balances can also have a negative impact. Most lenders need to know you’re a responsible buyer and don’t want to see big purchases in a short amount of time. Spend wisely.

Don’t get desperate
You were outbid a few times and now discouragement has set in. That’s understandable but don’t get desperate. Buying a home is an investment and requires a sound mind. Stick to your original plan and, if need be, revisit your goals with your real estate agent.

Research potential expenses and additional costs
While you’re waiting on your dream home, it’s a good time to research the costs that will come with home ownership. These costs can include property-tax, insurances, repairs and maintenance, just to name a few. This is a great time to allocate for these additional expenses in your budget.

The real estate industry is cyclical. There are ideal times to buy a home but those may not be right for you. Your dream house will be available in any season.

Questions? Give us a call at 949-356-6400.

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