Is There, A Best Time, To Buy A Home?

As a Real Estate Licensed Salesperson, in the State of New York, for well over a decade, I have often been, asked, if, a specific time, is the best time, to purchase a home. Since there are many factors involved, there isn't a simple, one - size - fits - all, answer/ response, but, in most cases, it's always, a good time, to buy, the right home, for your needs, Since, for most of us, our house represents our single - biggest, financial asset, doesn't it make sense, to learn, and better understand, as much relevant information, as possible? With that in mind, this article will attempt to consider, examine, review, and discuss, some of the factors, involved.

1. Are you buying your first home, or are you selling one house, and either, upgrading, or down- sizing, to another? While, first - time, home buyers, have no other property/ house, to sell, to relocate to a new place, those, either upgrading, or down - sizing, have different circumstances? When you are selling one house, in order to buy, a new one, pricing has less significance, because, if prices are high, you will sell high, but also, have to purchase, at a higher price. If real estate pricing is lower, you will, both, sell, and purchase, at a low price. Therefore, pricing, will, balance - out. However, if you are a first - time buyer, price becomes, significantly more relevant, because, it means, you will need, a larger down - payment, and higher monthly payments. It also means, since, nearly all first - time buyers, require mortgages, you will discover, it is more difficult to qualify, for the loan.

2. All real estate is local: Real estate varies, from market, to market. Some regions are more sought - after, and/ or desirable, and, thus, may be more or less affected, by national trends. Even within a smaller region, there are often fluctuations, based on factors, such as safety, schools, local real estate taxes, transportation, convenience, etc. In general, the more positive attractions/ reasons, the higher the pricing, and less, impacted, by certain downward trends/ tendencies.

3. Personal needs: Each individual must consider his personal needs, such as family matters, finances, employment/ job needs/ conveniences, and other, specific factors. Sometimes, timing is determined, by factors, which require action, regardless of market conditions.

Regardless of pricing, and/ or, other market conditions, it is wise to proceed, carefully, and weigh, your options, alternatives, financial circumstances, needs, and priorities. An educated, prepared, home buyer, normally, achieves the best results!