Is it the right time to buy a home?

On Behalf of | Oct 11, 2019 | Firm News

If you are thinking about buying a new home in North Carolina, you may wonder if it is the right time to buy. With your finances all in place, anytime can be a good time to buy, but if you want the best deal, then you have to do some more work before you will know if now is the time to secure a new home.

Forbes explains that there are a couple of key points to look at to see if you could get the best possible deal if you buy a home right now. First, you need to look at the state of the real estate market. Ideally, when buying a home, you want a market that has a lot of homes for sale and a small number of buyers. This buyer’s market is ideal because it gives you the upper hand. Sellers want to sell and since they have a lot of competition and few buyers, they will be more willing to negotiate on price.

The other factor to consider is the current interest rates. While you may think it is best to buy when rates are low, this is not always true. Everyone else will have the same idea. That means a lot of buyers in the market, which increases your competition and allows sellers to be pickier. A seller’s market is not ideal for buying a home. Instead, you want to find a good interest rate that is not too high or too low and creates a steady real estate market. This information is for education and is not legal advice.