The question of when it’s the right time to buy a home has been asked by countless. And the answer to that largely depends on what one means by “the right time.”
When is it the right time to buy according to the market? When is it the right time to buy according to your current financial situation? When is it the right time to buy considering life goals and opportunities?
As you can see, the “right time” is a very personal thing. Let’s go in-depth and look at each of these situations. Remember to contact us for a personalized recommendation and get matched with a mortgage loan program that fits your right time.
Buyer’s market. Seller’s market. Even seasoned real estate investors can have trouble nailing down the “right time.” But there are a few things to help you gauge whether the market is right for buying:
1. Price trend in your desired area: Comparing the historical home costs gives you valuable insight as to whether you can expect prices to rise quickly or stay steady. It’s useful to compare those trends with other areas in the county to see the bigger picture for asking price and home sales.
2. Home sale trends: If home sales seem to be moving slowly, it’s a good indicator that it’s a buyer’s market and likely the right time to buy. Sellers will be more willing to negotiate, and there will be less competition.
3. New construction slowing down: You’ll want to watch out for lagging construction as this can mean housing will be in short supply, driving prices and competition up.
4. Interest rates: Another number you want to look at is interest rates. Now this one is a little tough since rates are changing all the time, and there’s no absolute way to predict what it will be next week or even tomorrow. However, there are several key indicators that true mortgage professionals look at to gain insight. Working with a trustworthy professional is key as they can guide you when the right time to buy is considering mortgage rate trends.
The market and current mortgage rates play a critical role as to whether it’s the right time to buy a home, but so do your finances. You may have heard that you need to save 20% for the downpayment. If you don’t have 20%, you may think it’s not the right time to buy. However, certain loan programs let you purchase a home with as little at 3.5% --some even less than that! Even a struggling credit score may not affect your “right time to buy.” Government-backed home loans allow banks to issue great loan packages to buyers with lower than average credit scores. If fear of getting denied a home loan due to low credit has been holding you back, now is the RIGHT time to discover the possibilities.
With the above mentioned in mind, let’s now consider your life goals. Are you ready to set roots --at least for five years --in one community? Ready to invest with long-term payoff? Tired of renting and the inability to make customize your home? If these sound like you, then now is the right time to buy.
Even in less than favorable real estate markets, great rates and life circumstances may mean that it’s your right time to buy. Get a custom rate quote! Our mortgage office is dedicated to truth in lending and personalized service. Contact us today to learn about your mortgage options and discover if it truly is the right time for you to buy!
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 328527
CalDRE Company Lic: 01131611
Pacific First Financial Real Estate Loans, Inc. is not acting on behalf of or at the direction of HUD/FHA or the Federal Government. This material is not from HUD or FHA and has not been approved by HUD or any government agency.
23670 Hawthorne Boulevard Suite 210
Torrance, California 90505
Phone: (310) 214-9299
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