Frequently I am asked if there is a best time to sell your home during the year. The answer is generally, yes. The best time to list your home for sale is when the most buyers are buying and the fewest sellers are selling (high demand and low supply).
When is the best time to buy a home?
So, if there is a best time to sell a home, is there a best time to buy one? Not universally.
Yes, ideally you are a buyer when the least buyers are buying (low demand) and when the most sellers are selling (high supply). However, this is an oversimplification of the process. The best time to buy a home depends upon many more variables related to you as a homebuyer than to the state of the real estate market.
- Do you have a sufficient down payment?
- Do you have adequate debt capacity?
- Are you confident in the stability of your long-term income sources to make monthly house payments?
- Can you afford a home that will suit your needs, given the current interest rates and homes available in your price point?
- Can you sell your current home for a price that will provide the equity resources you need to be successful in your next home purchase?
If the answer to each of these questions is yes, the best time to buy is sooner than later. Tenants pay their landlord’s mortgage with their rent, so, the sooner you buy a home, the sooner you are paying your own mortgage instead of someone else’s. Additionally, buying a home secures you a long term appreciating asset that very likely offers you significant tax benefits. And of course, when you buy a home, you can select the size of house that aligns with your current lifestyle (downsizing or upsizing to fit your current needs).
The Lane County housing market is challenging for today’s buyers due to inadequate housing inventory. But, waiting for this supply-side problem to resolve itself is not the solution. Presently, the median price point for homes is $300,000, and builders do not have the financial ability to construct additional inventory to meet the demand for homes at that price. If all indications point to this being the right time for you and your family to buy, I encourage you to begin the process despite the state of the market.
Marcia Edwards will help you buy your next home
I am here to help you explore the possibility of buying a home. An excellent way for us to get started is at my upcoming Home Buyer Bus event. In this educational opportunity, my industry peers and I will walk you through the questions you should ask your lender to optimize your loan opportunity; talk you through the home buying process; and discuss how to buy with the resale of your home in mind.
Join me, Marcia Edwards of Windermere Real Estate, Mark Brockett of Willamette Valley Home Loan Services and Mike Barclay of Farmers Insurance and learn how to buy smart in today’s challenging real estate market.
Home Buyer Bus Tour – All Buyers or Potential Buyers Welcome!
May 19, 9 a.m.-12 p.m.
View several homes currently for sale aboard an Explore Oregon Luxury Coach Bus and enjoy a box lunch by Hole-in-the-Wall barbecue. In this seminar on wheels you’ll receive tips on how to not buy a lemon, overpay for your home or get tied up in the wrong mortgage. You’ll leave with real estate market savvy and a toolkit, prepared to navigate yourself into the best new home for you.
$12/person (includes lunch)
Visit myHomeBuyerBus.com to register.