Yes, there really is a best time to buy but it is never a set time, and people who hold off to get that very best deal, usually miss out because so many variable determine the when that only those having invested years tracking the housing market, actually have a chance to get close to the best time.
Two clues to making a great purchase of your home are:
- Has the value of homes started to rise, or has the housing market been flat for several years? If the market is stagnent it may be an excellent time to start your search. Why? Because our market runs in an average of 11 to 12 year business cycles. If there was a housing boom last year there prices went up quickly, but if the boom ended six years ago, values are more then likely holding steady and within several years will begin to show signs of increasing.
- If interest rates have just begun dropping it is a sure sign the housing boom will soon be underway. Mortgages will become easier to obtain and at lower rates, which means buyers can more easily qualify for loans.
The opposite is much easier to track. When is the worst time to buy? Easier then you think to identify:
- Rates have been going up.
- Housing prices have been going rapidly up for over three years. You more than likely will be buying at or near the peak prices.
No one can predict what will happen, but economic indicators will help you make a good decision.
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