If you're considering buying a home through a local realtor you may want to stop and consider if now is the best time to try and buy a home. Did you know that timing is just as much a factor in buying a home as other factors such as credit score, open credit lines and more? Stability signals are also a big ranking factor in determining if a lender works with a buyer on a new home purchase.
While there's no particular season that is the right or wrong time to buy, there are buying and selling trends that shift due to a variety of factors. A realtor will tell you that there's also no specific season and a great deal can be found around the clock - any time of day, regardless of the season. Some have suggested that the best time to buy us during terrible weather since house hunters won't venture out but don't go clipping through tornados to find a new home - there are other things you should concern yourself with when preparing to buy a home:
Buying a Home with Children
Children don't really have any affect on the cost of a home, the acceptance of an offer or the financing that comes from a bank. They do however determine the easiest time of year to relocate. Few parents are thrilled about moving and it's made more difficult by relocating children in the middle of a school season. It's often best to wait until the summer months when school is no longer in session, or during a seasonal break.
Mortgage Qualification
This is another factor that has less to do with time but if you're financing your home there will be specifics that are considered with each mortgage involved. Overall you can expect the lender to look at three different areas before approving a mortgage (and basing their decision primarily on these):
Your credit score is the first and most important since it shows how well you manage your personal money. A score of at least 700 is required by most banks to approve a mortgage. They'll also look into your income to debt ratio as they want to know you can handle your payments without crippling yourself. Finally the down payment is taken into consideration. The larger the down payment the greater your chances of getting approved.
Personal Stability
You may very well be ready to buy your home now, or you think you are, but it may not be the best time. Examining your job and personal situation will help you determine if this is the perfect time or if you may want to wait another year.
You should look into the security and safety of your job to ensure that it's secure, if you'll need more space for a growing family, if your income and savings are in place to cover the costs of closing and the first 6 months of payments and if your marital situation is solid enough to endure the change with one another.
Economic Conditions
Finally - to determine if now is the right time to work with a realtor and a lender to buy a home you need to consider the state of the economy. While it's no accurate predictor of whether or not it's a safe time to buy, you can draw certain signals from market trends that may let you know when it's safe to move forward with purchasing a home. A shift into a buyer's market is a great example, as are the announcement of tax incentives or other bonuses for home purchases. Be mindful of triggers that show if it really is the best time to buy a home.
Author Resource:
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