When Is The Best Time To Buy A House?

When Is The Best Time To Buy A House?

When Is The Best Time To Buy A House?

When is the best time to buy a house?

For first time house buyers the task may seem quite daunting. There is so much to consider. You have to choose the area in which you want to live. You have to decide on the size of the bond. You also have to decide about insurance and security for your new home. And of course the fun decisions are which colour to paint your house and how to decorate it. But there is another decision which needs to be made when you want to buy a house. And that decision is when to buy your house.

If you are buying a house for the first time, you will begin to hear words being tossed around which are new to you such; as buyer's and seller's market, interest rates and inflation without understanding what they mean. If you are buying a house for the first time these terms would not have bothered you up until now. You can easily find the explanations online, but right now I want to explain to you what a buyer's market is. The period in which you buy a house will affect how much you pay for the house.

So when is the best time to buy a house? The best time to buy a house in when the interest rates are low. When interest rates are low you will pay less money on your monthly bond repayments. When interest rates are high you pay more. Interest rates are the rates you pay the bank for lending you the money. But it is not just interest rates which determine when the best time to buy a house is. Other determinates are inflation and economic conditions.

The buyer's market

The buyer's market is a phase in the market cycle, when the supply for houses exceeds demand. And because people are needing to sell but are getting fewer offers they are more willing to sell for less than they would have, had conditions been different. Because you have the upper hand in bargaining and choosing from a wider range of houses, it is considered the ideal time to buy.

Buyer's markets are usually accompanied by high repo rates and deteriorating economic conditions. If you are not looking to buy a house just yet, then I suggest you to save your money so that well the market does swing your way you will have the finances.

What you need to remember when you buy a house

Irrespective of whether you are buying a house with a partner, there might be a time when one is without an income in which case the payments will fall on the other party .When you buy a house for the first time it is important to buy a house which you afford. It is wise to buy a house which you can comfortably afford to pay every month.

There is much to consider when buying a house. Be realistic as to whether you can afford to buy a house, and if you can, get the best prices by buying in the buyer's market. Use a home loan calculator to help you with your finances!

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