While interest rates and home values are important metrics, the best time to buy a house is when you can afford it.
Save up for a down payment, watch your credit score, and make sure your paycheck can comfortably handle a mortgage payment. It doesn’t just depend on whether you’re searching for the lowest prices or the greatest variety of options.
Spring is the most popular time for new listings, while heading into November is the best time to find a good deal. August seems to be a good middle ground, offering both fair prices and a decent amount of inventory.
The key takeaway here is that the optimal time to buy a home depends on what makes the most sense for you and your family. No seasonal discount is worth rushing into a decision, paying a higher interest rate, or ending up in the wrong house.
Realtors have access to up to date and lightning fast search engines that the general public cannot access. They can help you find hidden gems that are available but not actively advertised. Your Realtor is equipped to know the ins and outs of every neighborhood, so she can direct you toward a home in your price range that you may have overlooked.
A buyer’s agent can help you find homes within your budget, schedule private tours to homes you like and negotiate with sellers. Top real estate agents have in-depth knowledge about your area, and can save you time and money by narrowing down your best possible options.
Real estate agents also have access to the multiple listing service (MLS) database, which can help you find homes in popular locations before other buyers. Since realtors are plugged into the local market, they might even hear about potential properties before they’re officially listed!
Buying a home can seem overwhelming and confusing, but an experienced real estate agent can put your mind at ease.
If you are considering purchasing a residential property, you probably want to know how long the whole process will take. Unfortunately, there is no easy answer to this question. The time it takes to buy a home varies based on several different factors. The typical time it takes to close on a home loan once you’re under contract is usually 30 to 45 days.
These factors include:
- home inspection
- appraisal
- title search
- finalize mortgage details
- review closing documents
To speed up the home buying process, it’s helpful to seek a top real estate agent in your area. A knowledgeable agent can help you narrow down your options and negotiate with sellers on your behalf.
Making a down payment of 20% is ideal because you can avoid paying private mortgage insurance (PMI). Depending on where you live and what kind of mortgage you’re eligible for, some lenders may require a minimum of 3.5% down for an FHA loan and 5% down for a Conventional loan.
In some circumstances, you may not have to worry about a down payment at all. If you’re a first-time buyer or a veteran, there are special programs available to help you afford a home.
The agent’s commission is included in the sale price of the home, so they will be paid at closing by the seller. The standard commission rate is 7% of the sale price, which is split among the listing agent and their broker and the buying agent and their broker.
