But there is no guarantee that will happen. If you can afford to buy a home now and you want to live in it for several years, you should bite the bullet rather than wait for something that may or may not happen. Traditionally, spring is a good time to buy a house, when there are more homes on the housing market. March is generally a good time to buy a house when the days start to get longer the weather starts to get warmer.
If you want to sell fast , get your property on sale in March as there are more house-hunters. People are often keen to complete before everyone heads off on summer holidays , leaving August particularly quiet. Listings, or buying opportunities, pick up during September and October, before dropping off at the end of the year. This is homeowners tend to stay put for Christmas.
Part of the reason house prices are sky high is that while there are plenty of buyers, fewer people actually want to sell. Depending on the type of home, there could be slim pickings. The government is supporting homebuyers with small deposits with its mortgage guarantee scheme. Big mortgage lenders have signed up to the scheme, which launched on 19 April and will run until the end of Alongside this scheme, the government offers several other options to help homebuyers.
We outline these in our guide for first-time buyers. Right now, mortgage interest rates are very low , which makes borrowing money more affordable.
Saving up as big a deposit as you can will increase your mortgage options and ensure you get the best mortgage deals. When considering mortgage deals , you can choose between:.
We have a mortgage comparison tool you could try out. Stamp duty can be hefty, depending on the property price and whether you can complete during the current stamp duty holiday. You may also have to pay a fee if you use a mortgage broker who charges for their service. Find out more: What are the hidden costs of buying a house? It usually takes between three and six months to buy a home. Here are some ways to speed up the process:. Shopping for a mortgage?
Try out the Times Money Mentor comparison tool. Learn more: Guide to selling a home. Receive regular articles and guides from our experts to help you make smarter financial decisions.
By entering your details, you acknowledge that your information will be used in accordance with our privacy policy. But also take the time to think about additional features, such as whether having a separate space for a home office is necessary, if you want a single or multi-story home, or if an indoor laundry matters. Perhaps you want shade trees so you're more comfortable outside in the summer months while the kids play, or you would rather not have them because of the cost of landscaping or tree-trimming maintenance.
After you've determined your wishlist, call your Realtor and share these items with them. It will help them better narrow down the houses so that neither of you end up wasting time. Using a neighborhood's average list price to determine where you shop will reduce wasted time shopping in areas you can't afford.
Know what monthly payment works for your budget, and ask what neighborhoods match that price point with the neighborhood amenities you desire. You'd be surprised at how easy it is to get caught up in the house features and completely forget about the overall location of the home. Although we all want that perfect property, if the schools are terrible, the commute takes hours each day, or the area has high crime rates , you won't be happy with the home purchase in the long run.
No one wants to look at houses that aren't going to work for them. It's a waste of everyone's time. Before scheduling a showing, take the time to look at the listing online. If you're using an agent, they can send you the listing link, or you can use sites like Redfin or Zillow to view the house. The internet allows us the opportunity to easily and efficiently narrow down the hundreds of options to a handful.
Nowadays, many homes will offer a virtual or 3D tour. You may be able to eliminate a home without ever having to set foot in it. Many times, the listing agent will also highlight the important features in the description, which can give you a better feel for the home than the basic bedroom count, building construction, and year built of a piece of real estate.
The National Association of Realtors found that the average homebuyer searched for eight weeks and looked at nine homes, viewing five of these homes online. You may be able to find exactly what you're looking for right out of the starting gate, especially if you're flexible with your needs or are looking at remodeling so that it's only the "bones" that matter.
Those who are more particular may have to look at more houses, and those working in a smaller town may have to look over a longer period of time. The number of homes seen before buying will also vary greatly with the housing market.
If you are in a buyer's market, you can usually take your time looking at a larger number of houses over an extended period of time. But if it's a seller's market, you will have to act quickly before you lose the desired listing. In this case, efficiency and decisiveness will be key. So how to know if it's the right choice? Almost all house hunters will get to the point where they must choose between two or three viable options.
That's when it's important to sit down and ask yourself a few questions. They may seem obvious enough, but oftentimes these three simple questions will clarify which home will be the best fit. Think back to your original checklist of noncompromisable items. Which property checks more boxes than another? And mortgage rates are still low enough that buyers may be willing to forego their dream house to lock in better financing.
If you don't immediately need more space, it might make sense to wait out the crazy market right now, rather than make concessions. Otherwise, be ready to pay a premium. Many buyers are also offering all cash, or foregoing their own inspections to entice the seller to accept their offer.
But that's a mistake: No buyer should skip the inspection because it will highlight potentially costly repairs they'll need to make right away.
And with prices for building materials also elevated , those repairs will be even more expensive. Buyers also need to know their non-negotiables going into the buying process.
For example, being in an area with good schools, or a quieter neighborhood located away from a freeway. While cosmetic changes can be made to a house, the location can't be changed. Though many buyers can get caught up in the emotions of competing with so many other bidders, Morales advises taking a step back and considering if a home checks off enough boxes on your wish list.
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