If you are in the market for a house, you are probably searching for the best time to actually buy. A multitude of theories on this subject exist. You do need to understand interest rates, housing market forecasts, and location concerns. You will have a better chance of finding the right place to purchase at the right time if you follow a few tips from the experts.
Timing
Research has shown that one day out of the year is the best one to buy a house. The best month of the year for home purchases is October. Over the years, homes purchased in October cost approximately 2.6% less than market value. In general, Mondays are the best day of the week. However, the very best day of the entire year to buy is October 8th. Of course, you should not rush into a purchase just to hit that special day or month, but it does give you an optimum time period at which to aim.
Financing
2016 offers potential buyers several financial incentives to act. Interest rates are still historically low. At the beginning of February, the 30-year fixed rate was 3.875%. New regulations are in place to make certain you know exactly what your purchase terms are. These "clear term" mandates help educate you about your responsibilities so that you are not unpleasantly surprised at or after the closing.
Location
You should never buy a home until you find one in the right location for your family and for potential profit. You want the value of your house to grow in value over the years. This growth will not happen if you choose the wrong neighborhood. Your home should be close to a good school district for the benefit of your children and to attract buyers if you decide to sell at some point. Also, you want to pick an area with a low crime rate with easy access to shopping and recreational activities. You need to focus on a location that benefits your family now and one that makes your home an attractive purchase for future home buyers.
The right time to buy a home depends on several factors. Although interest rates and home prices are extremely important, they can not be your only considerations. Finding the right location is vital to choosing the best house for your current needs. It also helps ensure that you will be able to recoup your investment in the long run. For more information about buying a home for the first time, contact a company like Premium Mortgage Corp.
