When is the Best Time to Buy a Home?
At some point in your life, you may decide that it is time to buy a new home. It is important to remember when this day comes that you set yourself up for success. Whether you are a first-time homebuyer or you have purchased a home in the past, you may be wondering when is the best time to buy a home is and when you can get the most bang for your buck.
The Best Time to Buy a Home in Kansas City
We are going to be looking at when the best time to buy a home is, and by the time you have finished reading, you can start creating a plan and start the home buying process!
The Best Months to Buy
There are certain months that are going to be better for you to purchase a home in than others.You may want to avoid buying a home at the beginning of summer, especially if you are a first-time home buyer. This is when most people put their house up for sale, and it is also when most of the sales happen which means more competition.Toward the end of August or the beginning of September through March is probably the best time to buy a home. With sellers looking to move homes quickly, you will usually find that at least one or two of them are willing to lower their prices. You should also look into specifically buying during the holiday season, but we will talk more about that below.Now, don’t let this be the end all be all if you want to move in June. You can still find a home that is within your budget and suits all of your needs – we do suggest that you partner with an agent who understands the market to help you negotiate price and find the home that is right for you.
Shoot for the Holiday Season
We know that the holiday season is a stressful time, but if you can make it work, October-January is a great time for the budget conscience. During the holiday season, sellers typically receive the lowest premiums, according to ATTOM Data Solutions, a national firm that provides real estate and property data. Lower premiums for sellers mean better deals for buyers.There is also a lot less competition during this time of year and people are extremely motivated to sell. So, if you can handle buying a home during the hustle and bustle of the holiday season, do it!
When You’re Financially Ready
Buying a house is a big commitment, and you need to make sure that you are financially ready before you jump in.In almost every case, you sign a long-term agreement that says you will pay your mortgage. It is going to be a hard time if you pay your down payment, get a mortgage and then aren’t able to keep up with the payments. The bottom line is that you need to be realistic about how much house you can afford and if that budget can accomodate the type of home you want.A good rule of thumb is to keep your mortgage payment at or below 28 percent of your pretax monthly income.
When You’re Emotionally Ready
If you are not emotionally ready to buy a house, then it is not going to work no matter what you do. Like we said above, it is a big commitment and one that needs to be considered carefully.Sitting down and doing your research is vital, but being able to get the right loan, pay it back, keep on top of maintenance, etc. is a whole other animal.If you are someone who feels like you get stressed very easily, then owning a home on a shoestring budget might not be the best idea.Staying in one place for years to come might seem a bit daunting, but if you are emotionally ready to do it, then there are a ton of benefits that come with homeownership.If you don’t think that you are going to be able to stay in one place, or you don’t think that you are going to be able to handle all of the stresses that come from purchasing a home, then now might not the right time for you.If you do have some fears when it comes to buying a home, but you feel you are emotionally ready to do so, make sure you work with an agent who can help effectively guide you through the process.Let our expert team help you buy your home today! You can reach our team at 913.521.8806. Want to come and see us? Our office is conveniently located at 5000 W. 135th St. Leawood, KS 66224.