Why There Is No Perfect Time To Buy A Home

Posted on: 25 May 2022

A home purchase requires significant investment, so many people save and wait for the best time to buy a house. However, you should know that there is no perfect time for everyone to buy a house. The perfect time varies, depending on your circumstances. Below are some reasons you should not wait for a universal perfect time for a home purchase. 

National and Local Trends Sometimes Differ

Real estate issues that grab most of the headlines often reflect the national trend. When a national publication claims rising real estate prices, they probably mean the average home prices in the country. However, many cities, towns, or neighborhoods have real estate markets that don't necessarily mirror the national market.

For example, a city may witness declining property prices if:

  • Major employers relocate from the city, for example, in search of better business environments
  • Builders oversupply the area with homes

In such a city, you may find a reasonably-priced home even if the national prices are high and climbing. In such a case, it wouldn't make sense to delay your purchase because of the national or overall trend.

Personal Situations Differ

Buyers cannot find the best time to buy a home because personal situations differ. Your situation is the best determinant of the best time to buy a house. In general, you should buy a home if:

  • You have the down payment
  • You have an emergency fund
  • You have a stable income that can service the mortgage and maintain the home
  • You plan to own the house for a relatively long time

These factors are unlikely to line up for everyone at the same time. Thus, the perfect time for you to buy your home is not necessarily the perfect time for your colleagues or friends to buy their homes.

Moreover, your circumstances might change and make it even harder to buy a house in the future if you want too long. For example, your credit score might plunge and mar your mortgage attractiveness even if property prices fall.

No One Knows the Future

Lastly, you should not fixate on the best time to buy a home because no one exactly knows what the future holds. For example, you might wait for property prices or mortgage rates to fall only to see them rise further. You should especially be wary of nonprofessional advice, such as anecdotes from your acquaintances or news reports from general news reporters.

Reach out to a realtor for more information on local homes for sale.


Saving Money On Real Estate

After I got promoted at work, I realized that there were a few things I wanted to do with all of the extra money. One of the biggest goals that I had was investing in local real estate, because I wanted to experience what it would be like to own multiple properties. It was really overwhelming at first to put in the offers, but after awhile I got really good at saving money on real estate and seeing the rewards. This blog is all about knowing which properties to invest in and focusing more carefully on the art of getting a great deal.