Is There a Perfect Time To Buy A House?
There's never a perfect time for you to buy a house. Or is there?
Yes, there are certain times of the year that are better for selling a house in our market. For example, listing your house in December or January may not be as effective as listing it in the springtime. This is because the market is generally more active during the spring, and buyers are more likely to be out looking for homes.
But what I want to talk about is when the perfect time to buy a house is so there really isn't a perfect time. There's no perfect storm. There's nothing that's going to create a housing marketthat is going to be in ideal market for everybody.
While interest rates may be higher than in recent years, the current market offers other advantages for buyers. One of the biggest benefits is a lack of competition, which means that you can take your time and look at multiple houses without worrying about losing out to other buyers. This gives you the opportunity to carefully consider your options and make the best decision for you and your family. So even though interest rates may be higher, there are still plenty of reasons to consider buying a house now.
So some people will say, hey, I bought my house a year ago or two years ago and my interest rates 3% or 2%, whatever it is, like I was perfect for me. Yes, it was. But for some other people, they would rather take a 4% or 5% and not have to pay maybe $50,000 over asking price maybe $100,000 or asking price because that was the market that we were in for the last six months to a year, a year and a half. Yes, you're going to have every market's going to have their ups and there's going to have their downs right now. The good thing about this market is that the buyers are starting to become more in control of the market, meaning they're going to be able to get some closing costs paid for and or getting an additional money off of the actual list price.
The perfect time to buy a house is ultimately up to you. According to the National Association of Realtors, the number one reason people buy a home is because it feels like the right time for them, regardless of market conditions or interest rates. And while market conditions may fluctuate, there are still many people buying homes and going under contract, even with higher interest rates.
Becoming a homeowner is a big decision, but it's not impossible, even with high home prices and interest rates. In fact, continuing to rent may end up costing you more in the long run, as rents are likely to continue to rise. So if you're thinking about buying a home, don't hesitate to reach out to a real estate agent for help and guidance. It may not always be easy, but with the right support, you can make the dream of homeownership a reality.
- Aldo LeVain