Oddly enough there is a better time to purchase a home than others. Even if you put aside the buyers’ market/sellers’ market information (by the way you do want to buy a home when it is a buyers’ market) there are times of the month and year when you can make out better financially if you buy a home.
Buying a home during the holidays like Christmas is a great opportunity to buy. The prices are typically lower during the holidays although closings can take longer because so many people are out for the holidays so it can be a slower process but a better financial deal for you.
As a matter of fact buying in the winter, in general, is a better way to buy. No one buys houses in the winter. Everyone likes to move in the spring or summer when the kids are out of school by winter every one wants to stay put until the spring or summer so you may find a better deal in the winter.
In addition to the limited buyers out there let’s face facts a seller that is trying to sell their home during the holidays is a motivated seller. No agent would advise their client to list their house during the holidays unless they knew that this house had to be sold. Motivated seller, fewer buyers equals a great deal for you!
Let’s Talk About Rates
If someone would have said 30 years ago that mortgage interest rates were going to be less than 5% for people with good credit, people in the industry would have laughed. At one point in time, the mortgage interest rates in the 1980′s were as high as 13% and that was for people with decent credit!
The rates are low! Should that push you to buy? YES! If you can find a home that you want now while the rates are historically low than that is exactly what you should be doing. Get a 30 year fixed rate loan at those low rates and you will be set for life.
Frankly, it is a gamble to wait to see if the rates fall even lower. You can always refinance down the road if the rates do come down even more. The time to buy is when the rates are reaching historic lows because typically there is only one place to go up from the historic lows and that is up!