The Best Time to Buy a Home May Be Now!
You’re in the process of saving to purchase a home, but when is the best time to buy?
According to Trulia, homes in the “starter” price range see a 7% boost in inventory numbers between October and December each year. Starter homes are defined as any listing in the $230,000 range or under, with listings between $230,000 and $360,000 being categorized as “trade-up” homes, and anything above being classified as a “premium home.”
Of the 100 largest metropolitan areas in the US, the number of starter houses on the market reaches its peak in 70 of them during this time of year, so those looking to purchase their first home have more options at the year’s end.
Numbers of homes available to first-time buyers tends to shrink between July and September, but this is also when trade-up and premium home inventories are at their peak.
Ultimately, local factors and personal needs shape the decision to purchase a home. Nationwide studies may strategically point out the best time to buy, but that doesn’t take into account numerous factors, such as career changes, a seller’s motivation, interest rates, and the need for a larger home. Some people may want to move when their schedules permit devoting enough time for the mortgage process and moving their family to a new home while others think about certain times of year like when they receive their tax refunds or during the holidays.
One thing is certain – no matter when you would prefer to buy a home, the time to talk to a mortgage professional about your options is NOW. If you’re in the market for a house, whether it be a starter or a premium home, the loan experts here at Butler Mortgage are ready to assist you. Call us today at 407-931-3800 to schedule a consultation with one of our Loan Officers who can walk you through each step of the mortgage process.
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