Time to buy, or to buy time…
Everyone has heard the mantra “location, location, location” when it comes to buying a home, but timing is just as important. There’s no sense in moving into the perfect house if circumstances are likely to force you out a year or two later.
Can’t see into the future? That’s okay. A quick dip into the Real Estate Guide reveals (among many other articles) the Best Times to Buy, a discussion of personal and external factors that can help you determine if now is the right time to buy — or not to buy — a home.
With real estate markets softening in many parts of the U.S., it may pay to wait. The temptation to snap up what looks like a bargain should be tempered by the knowledge that if prices keep dropping after the house is yours, you may not be able to sell it for as much as you paid for it. This is especially true if you don’t plan to live in the house for more than a few years.
Other signs that you might be wise to wait include personal factors such as a change of job status, less than stellar credit (particularly now that the subprime market has tightened), and even impending parenthood. But if you’ve found the right market and your personal/professional life is on a relatively even keel, then you’re ready to get started. (And when you’re about to make an offer on that perfect house, you’ll want to time that too.)
Resource: “Time to buy, or to buy time…” https://www.zillow.com/blog/time-to-buy-or-to-buy-time-4177/