When Is The Best Time To Buy A House?
When is the best time to buy a house? Seems like such a simple question...right? But with all of the news headlines raving about how it is such a strong SELLER'S MARKET..they haven't been talking much about buyers. So grab your cup of coffee and avocado toast because we are revealing for you the BEST TIME to buy a house in this bullish market.
Can you guess which single day of the year is the best day to buy a home??
Waiting To Buy a Home Can Cost You!!
The famous quote, " DON'T WAIT TO BUY REAL ESTATE, BUY REAL ESTATE AND WAIT" holds true. Statistically speaking the average sales price on a single family home year to date has risen by 7.8%. Don't let that deter you...after all it is your dream to own a home...right?!?!? The steady increase in home prices means that if you continue to wait you run the risk of home prices surging higher and higher, and possibly to a point that you can no longer afford.
THE BIG BUBBLE IS NOT COMING ANYTIME SOON!! There have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. The whole of residential real estate is in good shape.
Think Home Prices Are High Now?
Senior Economist of realtor.com mentions, " Prices are increasing faster than we expected them to because of continual shortage of new homes coming to the market. People that had been holding back on buying a home now have good, steady jobs & are less worried about losing their jobs and hence going into the housing market."
Look around my friends....every community is going through massive construction, new builds, remodels, flips, investors they are alive and well!! Next time you drive home from work take the neighborhood streets and count the ways home owners are working on their properties, how many green fences do you see?!?
ARE YOU READY...HERE IS THE BEST TIME TO BUY A HOUSE
The absolute best time to buy a house is when YOUR financial profile INTERSECTS with the right house in the right neighborhood.
That is my BEST answer...but let me guess...you want more. So let's talk analytics and strategy for a moment. I have compiled a bit of research from different resources and here is what they say:
THE BALANCE - "the first best day of the year to buy a home is Christmas Day! Almost nobody looks at homes on Christmas Day. It doesn't matter whether you are a Christian nor whether you celebrate that holiday, there are much lower numbers of buyers shopping for a home in December."
INMAN - "buyers looking for the perfect home at a lower price should buy in August or September, according to Zillow's newest study."
BUSINESS INSIDER - "according to new research the best month for buyers is October. And the best day of the week is Monday. And the single best day on the calendar is October 8."
MARKET WATCH - "a new NerdWallet study found that home sales prices - and the amount a buyer actually pays - in the nation's largest metro areas typically peak during the summer, dip in the fall and are lowest in winter, potentially saving off-peak buyers thousands of dollars."
There you have it my friends...the best time to buy a house is NOW! Seller's who have had their home on the market all summer with no contract in sight have either been thinking about a price reduction or already have cut the price. Last month in La Jolla percent of properties with a price decrease for condos/attached homes was 26% and detached homes saw a 47% decrease. (insert the WOW emoji face here)
There are deals to be had, while you continue to wait for the big housing bubble you're losing precious equity/value! Take action now and buy during the best time of the year, but don't forget the #1 rule: when finances cross with the right house.
Ready to get pre-approved??? This is the first step to buying your dream home, get out your cell phone and get this fabulous app today.
I am recommending this app for two reasons:
#1 - I personally use it to get an idea of what a mortgage payment would look like, it gives the full picture by including principal & interest, home insurance and taxes!
#2 - We have personally worked with Todd Gorman and he is highly recommended for getting the job done. You can even submit paperwork through the secure app, HELLO EASY!
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Email, call or text to schedule your home buyer's consultation, we enjoy working with home buyers to walk them through the process, it really can be simple.
Team SchuCo
Teresa Schumacher
REALTOR
CalBre01731418
Marc Coleman
Branch Manager
PH: 619-995-2132
EMAIL: teamschuco@gmail.com
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