18 May When is a good time to buy a house?
One of the most common questions homebuyers ask us is “when is a good time to buy a house?” There isn’t one good answer, because there are so many factors that go into your decision to buy a house. You can’t always time the real estate market to line up with your personal life, such as if you’re downsizing, upsizing, getting married, getting divorced, having a child, or going through any other major milestone that is leading you to look into buying a house.
If you’re getting ready to buy a house, here are some reasons why it might be a good time to buy a house.
You need to upsize before you completely outgrow your home
Making do in a house that’s too small will only work for so long. If you’re expecting a new family member, either because you’re about to have a baby, adopt a child, or have a family member move in permanently, then it’s a good idea to upsize before the change happens. This will give you time to buy a new home, sell your old home, and settle in before making another major transition.
You have to downsize in a hurry
Whether your adult kids have moved out, you’re dealing with the death of a close family member, or you just got divorced, you might need to downsize suddenly. Because you’ll tend to save money by buying a smaller home, you don’t necessarily need to worry about timing a downsize with the market. If you have too much house and need to get into a smaller space, you should do so when you’re ready instead of hanging on to the burden of maintaining a large house when you don’t have the time or money to do so.
Your family needs time to transition
One reason summer is so popular for moving is because it gives families time to settle in to their new neighborhoods before school starts. This is especially important if you’re moving to a new school district. It’s hard enough to pull kids away from their familiar friends, teachers, and routine. If transitioning during the summer instead of pulling them out mid-year works for your family, then that’s what you should do.
No matter what’s motivating you to buy a house, whether it’s your first house or your fifth, you should start with timing it based on your life. There will always be houses on the market, so focusing on when it makes sense for you to move instead of when it’s the best time to move based on the market might be what works best for you and your family.