Thinking about buying a house through a Realtor? It might surprise you but timing works into the equation just as much as other factors like open credit lines, credit score, income and more. There are a lot of factors that help determine when is a good time to buy a home for you that include mortgage qualification, stability signals and even general economic conditions.
While there's no particular season that is the right or wrong time to buy, there are buying and selling trends that shift due to a variety of factors. A realtor will tell you that there's also no specific season and a great deal can be found around the clock - any time of day, regardless of the season. Some have suggested that the best time to buy us during terrible weather since house hunters won't venture out but don't go clipping through tornados to find a new home - there are other things you should concern yourself with when preparing to buy a home:
Buying a Home with Children
This has zero bearing on the actual cost of the home you want to purchase but it has everything to do with buying in the right season. Moving to a new home with children in tow is a difficult thing during the school season - especially since you lose those extra hands and feet for moving! Most people find that it's simply easier to relocate with children during the summer months when school is out.
Mortgage Qualification
Qualification for a mortgage has little to do with timing (though timing may play a role as part of other factors). Basically, the bank looks at three different items when considering the approval of financing of your mortgage. It's important to be tuned into these if you plan on financing your home:
Your credit score is the first and most important since it shows how well you manage your personal money. A score of at least 700 is required by most banks to approve a mortgage. They'll also look into your income to debt ratio as they want to know you can handle your payments without crippling yourself. Finally the down payment is taken into consideration. The larger the down payment the greater your chances of getting approved.
Personal Stability
You may feel like you're all set and ready to make that big home purchase but a bank or lender may not agree with that assessment. In some cases, even if you feel ready, it may not be the best time. Before jumping ahead you should examine your job and personal situation - as a good strong assessment will help you determine if now really is a good time to work with a realtor and lender to buy a home.
Things to consider are employment (is your job secure?), your family situation (if your family is growing a big house might be necessary), income and savings (do you have enough to get the home you want or are you settling?) and finally your marital situation (is your relationship strong or a little on the shaky side? How stable are you?).
Economic Conditions
Lastly you have to consider the actual state of the economy. It's always a roller coaster and at times it can have a strong impact on the market as a whole. Certain buying trends can influence the way a lender releases their money and handles mortgages. At times they're more apt to lock down and put a halt on lending. All the other factors may be right and yet it's still a bad time to roll forward with a purchase because of the economy. Watch for signals like a shift in the buyer's market or tax incentives for buyers to know when to start moving forward.
While there's no particular season that is the right or wrong time to buy, there are buying and selling trends that shift due to a variety of factors. A realtor will tell you that there's also no specific season and a great deal can be found around the clock - any time of day, regardless of the season. Some have suggested that the best time to buy us during terrible weather since house hunters won't venture out but don't go clipping through tornados to find a new home - there are other things you should concern yourself with when preparing to buy a home:
Buying a Home with Children
This has zero bearing on the actual cost of the home you want to purchase but it has everything to do with buying in the right season. Moving to a new home with children in tow is a difficult thing during the school season - especially since you lose those extra hands and feet for moving! Most people find that it's simply easier to relocate with children during the summer months when school is out.
Mortgage Qualification
Qualification for a mortgage has little to do with timing (though timing may play a role as part of other factors). Basically, the bank looks at three different items when considering the approval of financing of your mortgage. It's important to be tuned into these if you plan on financing your home:
Your credit score is the first and most important since it shows how well you manage your personal money. A score of at least 700 is required by most banks to approve a mortgage. They'll also look into your income to debt ratio as they want to know you can handle your payments without crippling yourself. Finally the down payment is taken into consideration. The larger the down payment the greater your chances of getting approved.
Personal Stability
You may feel like you're all set and ready to make that big home purchase but a bank or lender may not agree with that assessment. In some cases, even if you feel ready, it may not be the best time. Before jumping ahead you should examine your job and personal situation - as a good strong assessment will help you determine if now really is a good time to work with a realtor and lender to buy a home.
Things to consider are employment (is your job secure?), your family situation (if your family is growing a big house might be necessary), income and savings (do you have enough to get the home you want or are you settling?) and finally your marital situation (is your relationship strong or a little on the shaky side? How stable are you?).
Economic Conditions
Lastly you have to consider the actual state of the economy. It's always a roller coaster and at times it can have a strong impact on the market as a whole. Certain buying trends can influence the way a lender releases their money and handles mortgages. At times they're more apt to lock down and put a halt on lending. All the other factors may be right and yet it's still a bad time to roll forward with a purchase because of the economy. Watch for signals like a shift in the buyer's market or tax incentives for buyers to know when to start moving forward.
About the Author:
A Washington DC Realtor is exactly what you need to help you find the property you've been looking for. Whether you want real estate abroad or you're interested in Northern Virginia real estate, we can work with you to negotiate the best offers. Paragon Remodeling | 8000 Towers Crescent Dr | Vienna, VA 22182
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