When Is the Right Time to Buy a House? | Trusted American Mortgage

Buying a home is a big decision! There are many factors that go into when is the perfect time to purchase your new house, including when you’re personally ready for the financial obligation and when the market is generally considered to be at its best.

According to the Market

Did you know there are better times than others to purchase a home throughout the year? It may be a good idea to figure out when the ideal times to buy are, so you get the best rates possible.

Market research has shown that homebuyers receive the best interest rates in the fall and early winter. On the contrary, homebuyers who purchase homes in the summer will likely pay above market value.

According to Your Situation

Purchasing a home can happen at any age. The National Association of Realtors found that the median age for a first-time homebuyer in 2017 was 32. In general, you should be able to comfortably afford monthly payments, be able to make repairs as needed and plan to live in the home long enough to cover buying and selling costs.

While you can typically purchase a home anywhere as long as you’re over the age of 18, there are perks to buying young. As you build equity on your property, you are putting your money toward a potential future investment, as opposed to wasting money on rent month after month.

At the end of the day, being able to financially afford a home is the most important factor. If your finances are not yet up to par, consider taking more time to build up your savings or boost your credit score before applying for a mortgage.

Conclusion

While there are situations that may arise that can affect your home-buying situation, there are many factors to consider when searching for a new home. In order to ensure you are getting the most bang for your buck, think about the season you are purchasing your home in and how secure your personal finances are.

When you’re interested in purchasing a new home, be sure to do some research. A house is a long-term investment and can improve or hinder your finances!

Interested in learning about mortgage options? We are here for you! Visit our website today to learn more about getting a mortgage for your new home.