Many prospective home buyers often hold off on entering the local housing market because they’re worried it’s not the ideal time to purchase a home.
But while they’re waiting on the sidelines, these prospective home buyers often miss out on some excellent deals because they’re hoping something even better will come along.
Today, I’m going to tell you about some housing market factors that may help you make the decision whether to enter the market or not.
Continue reading to learn more!
Investing in a Allegheny County, PA Home for Sale
Generally speaking, the best time to buy a home is when the interest rates are low and when the move fits your personal time frame.
It also helps to purchase a home when it’s a buyer’s market, which means that the supply of available homes for sale is greater than the demand for available homes.
Let’s look at these a little more closely.
Interest Rates. Ideally, you want to buy a home when interest rates are low because that will end up saving you money on your monthly payments. There are several factors that affect what interest rates are, including inflation, cost of living and market conditions. Luckily for you, interest rates have been at historic lows the last few years, although recent data suggests that that trend may be changing in the next several months.
Buyer’s Market. As I previously noted, a buyer’s market is created when supply of homes is greater than the demand for homes. The opposite would be a situation in which homes are selling rather quickly and the demand for homes is greater than the supply of homes. Ideally, if you’re purchasing a home, you’ll want to do so in a buyer’s market because you stand to get a great deal on an amazing Pittsburgh home.
Timing. Most buyer’s will try to purchase a home when it fits in best with their personal lives. For instance, parents want to be settled into a new home before school starts in the fall. Unfortunately sometimes, you may not be able to choose the time when you move into a new job. Perhaps your job has relocated you to another city or your old home sold quicker than expected and now you have to find a place to live.
All of these factors and others affects when the “ideal time” to purchase a home is. And admittedly, some of these factors are completely out of your control.
One thing is for sure: Whatever the current market conditions are and whatever your personal situation is, I’ll be happy to help you every step of the way!
Pittsburgh, Pennsylvania Real Estate
As your dedicated Pittsburgh REALTOR, I’ll provide you with expert advice as well as such helpful home buying tools as:
Until next time,