As home values and interest rates remain elevated, you may be wondering, “When is the right time to buy a new house?” There is no one-size-fits-all answer. Market trends, economic forecasts, and individual circumstances will all play a role in someone’s decision to buy. There are, however, some signs you should look for and steps you can take that indicate you’re ready to make the leap — no matter if you’re looking for your first home or forever home.
One of the earliest signs it’s time to upgrade is that your family needs more room. Whether you’re purchasing an existing home or building new, “make sure it’s as big as you want it to be,” advises David Frosch, owner of Kootenia Homes. “You can always upgrade fixtures later, but it’s not as easy to make [a home] bigger down the road.”
Despite the current shortage of homes for sale, there are certain times of year when inventory is better. “We typically see the busy season from spring through the beginning of fall,” says Sandy Oleson, director of mortgage sales for Blaze Credit Union. “As we come into the summer months, people are wanting to make a move before kids go back to school,” so more homes are on the market.
Even if you’re not quite ready to put an offer on a home, start the preapproval process — which involves submitting proof of income, banking information and tax forms to your lender — early (preapproval letters are typically valid for 90 days). “You have to be preapproved,” says Oleson. “If you go out and look at homes, you’re typically going to have to make an offer within 24 to 48 hours. And if you’re not preapproved, your offer is never going to be accepted.”
Buyers are often having to make multiple offers before one is accepted, so the more competitive you can be with your offer, the better. Think about offering a larger down payment or foregoing common contingencies like your ability to sell your current home or option to back out due to defects found during an inspection.
The process of buying a new home can be overwhelming, but you don’t have to go through it alone. Meet with a couple of builders and lenders to ensure you’re comfortable with the team you’ll be working with. “A home is the largest purchase you’re going to make in your life, and you want to make sure the people that are representing you — both on the Realtor side and the lender side — are actually there for you and being your advocate,” says Oleson.
Before you start looking for a new home, think about when you want to list your current home. Don’t put it up for sale too early in your home-searching process out of fear it will be sitting for months, Frosch says. “If you price your house right, I don’t care what market you’re in — it will sell.” And should it sell faster than you anticipated, make sure you’ve thought about alternative living arrangements while you look for your next home.
More important than the desire for more space or the current inven-tory, the right time to buy a home is when you feel ready — financially and emotionally. A home is one of the biggest purchases you’ll ever make, so don’t rush the decision to buy just because you feel pressured by rising home values and interest rates.
Written by Taylor Hugo
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