What factors should you consider when looking for the best time to buy a home in San Diego? Check out these guidelines to help you find the time that’s right for you.
The state of your personal finances, the housing market you are looking to buy in, and the time of year all contribute to whether it is the right time for you to purchase a home in San Diego. When you are looking to buy a new home consider the following factors:
Your Personal Finances
Consider several areas of your personal finances is important to knowing when the right time to buy is for you. Considering that many mortgage lenders will want you to have a down payment of 20% of the purchase price, it is important that you know you will be able to afford this. It is also advisable to file for your free credit reports and find out what your credit score is so that you can look at how to improve it before filing an application for a mortgage. If you have filed for bankruptcy in the last 3 to 5 years you may have to wait to get a loan.
Current State of the Market
Look at recent trends in housing prices; are they increasing or decreasing? How fast or how slow are they rising or falling. An indication of how pricing may continue to trend is inventory; reduced inventory may result in more competition for a home you want, which may drive up pricing. What direction are mortgage rates heading? Consider a few of these factors to determine if it is an appropriate time to buy.
Time of the Year
Spring and summer months are typically considered the busier times for real estate and are often seen to be the more favorable times for buyers as a result. While it may be desirable to make an offer on a home during the fall or winter months this would only be the case in a low-competition, high-inventory market.
If based on the current market and your finances you feel that now is the perfect time for you to purchase a home for sale in San Diego, contact your leading San Diego real estate agent today.
By Linda Moore