Market Stats: When is it a Good Time to Buy a Home?

A good time to buy a home has to do with more than just if you have a down payment saved up. The market is a key indicator when it comes to a good time for investing in a house. Understanding some market stats can help you prepare and make the right choice at the right time. Considering these factors can help.

Time of Year

Everything has a season, and that includes the residential real estate market.

• Winter – the winter months tend to be slower when it comes to home sales. Kids are in school, the weather is unpredictable, and there are lots of holidays and vacations to work around. If you shop for a home during the winter, you may not have as many choices, but you’re likely to see more reasonable prices and opportunities for negotiation. 
• Summer – in the summer, when kids are out of school, and things tend to slow down in many ways, the real estate market heats up. With more time and no worries about kids transitioning to different schools in the middle of the school year, more houses are on the market, though prices tend to be higher with less room for haggling.

Mortgage Rates

While somewhat unpredictable, mortgage rates play an important role in the decision about when to buy. Interest rates and economic trends impact mortgage rates. Rates have been low and could stay that way, which means now could be a great time to purchase a home.

No matter the other circumstances or conditions, the bottom line is the best time to buy a home is when you’re ready. And the team at Midland Mortgage Corporation is ready to help. Contact their team today to get started on the path to your new home.

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