As Wilmington, NC, Realtors, we hear a lot of speculation about the best time to buy a home. For example. A buyer should shop:
- During the spring, when many new homes start coming on the market.
- During the summer, when inventory is at its peak creating more competition for sellers and more room for negotiating.
- During the fall, when buyers become motivated to sell before the holidays arrive.
- During the winter, when the average home price declines due to inactivity and there are fewer buyers to compete with.
There seems to be a perk for each season, but no clear choice.
Occasionally, you’ll see us share articles from reputable sources that cite low interest rates or expiring programs as the best reason to buy now. Interest rates have been at record lows the past few years and there’s always the risk that changes in government activity will make them shoot up. That’s why it’s so important to monitor financial news on a weekly basis and consider all your funding options.
While all speculation has truth to it, there is one fact that we will ALWAYS reinforce –
The best time to buy a home is when you can comfortably afford it.
You may be dying to own a new home – something you can finally call all your own or that will solve your annoying space issues – but being house poor is not fun. It really prevents you from enjoying other aspects of your life. You’ll have a new home, but you’ll be miserable in it, and you’ll start to resent it. So, be patient. It’s likely that “perfect” home you have your eyes set on has a sister just like it that will be available when the time really is right for YOU.
Not sure what you can afford? It’s important to sit down with a lender before you start searching for homes so you know exactly which price range is in your budget. They can also give you an idea of changes you need to make in order to fix poor credit. Contact us when you’re ready to buy. We can refer you to a great local lender.