After a hard-fought eight years, President Obama managed to undo what Wall Street got us into and left a strong and recovering economy in his wake, but is 2017 a good time to buy?
Everyone knows that if they don’t want to keep wasting money on rent which accrues no value, you have to buy a home. But timing is of the utmost importance when it comes to such a life-changing and expensive purchase. Which then produces the question, when is the best time to buy a home? Unfortunately, there is no green light which signals it’s go-time. Here are a few factors for which you have to look when you want to buy a home.
What to Look for in the Market When Buying a New Home
- Inventory – Look at the listings around your area, specifically, look at the amount of time that these houses have been on the market. If you see that the majority of houses have been sitting there for more than six months, then that means the market is slow and prices should be pretty good – not great, but pretty good.
But if houses get sold within a couple of months, or even weeks, that means you are in a seller’s market. This usually brings with it bidding wars which can drive the prices way up. - Interest Rates – Interest rates on home loans is a good indication of the strength of the housing market. Currently, interest rates are near historic lows, but will increase a few times in 2017. This has caused many people to think about buying a home now while interest rates are low.
Contact Elvin Wesley at Ranch & Coast Mortgage Group Inc. for all of your home loan needs throughout Solana Beach and San Diego County, as well as all of California.