Clients often ask me "when is the best time to buy a house?" I tell them it depends on a number of factors:
1. Are you prequalified?
2. Do you have time to actually go look at homes?
3. Are you ready to commit to your Realtor?
4. Are you tired of paying another persons mortgage and helping a stranger build wealth?
5. Are you ready to build your own wealth and receive a tax break?
If you answered yes to those questions, then now is the right time to buy. The best season to buy is typically from April to October. There are multiple reasons that spring/summer is the best time to move.
1. This is when children are getting out of school, so it is easier to move. You won't have to rush to get them enrolled in a new school immediately. You don't have to struggle to find school-books buried in all the moving boxes. (I think some children do this on purpose!) You don't have to learn new bus routes and class schedules and new teachers names and office hours.
2. The weather is better for home shopping and moving. Since it says light much later during the summer you can see more properties after work and not need a flashlight to get around. Your less likely to have the moving truck pull up during a thunderstorm and risk paying overtime while they wait for the rain to stop. Or worse, risk getting all of your possessions soaked and destroyed while being unloaded in the rain.
3. One of the best reasons to shop for a home and move over the spring/summer is increased available inventory! Yes, it is true more people list their home for sale this time of year! So you have many more homes to choose from.
4. It is easier for Sellers to leave their home for long periods of time, so the property may be shown. If the weather is nice they may walk around the neighborhood or go to the park.
5. The sooner you buy a home, the sooner you receive a tax break for being a home owner. Take advantage of the new "First Time Home-buyers Tax Credit for $8000. (To qualify as a first time home buyer you must not have owned a home for three years) Remember to file for your $15,000 homeowners exemption and it will help you save money on your taxes every year. For more details you may go to http://www.window.state.tx.us/taxinfo/taxforms/50-114.pdf to obtain the proper form. Then you will need to find your appraisal district and file the form. You may find your appraisal district by going here: http://www.window.state.tx.us/taxinfo/proptax/apprdir08/
Now for the flip-side to my benefits of selling or buying over the spring/summer season. The worst time to list your home for sale is from October to January. The only people that list their home for sale during this period generally have to move. Typically its due to a layoff, relocation, or death in the family. Selling during the holidays can put sellers at a disadvantage. There are less Buyers out looking at homes over the holidays. People generally would rather be shopping or at a holiday function instead of driving around in the dark to look at homes. The weather is bad and everyone is reeling from the added expenses of Christmas and Hanukkah. Keeping the house spotless and ready to show at a moments notice is an added burden most sellers would rather avoid over the holidays.
Showing a home can often interfere with a homeowners holiday plans. For example I called to show a property this December and they said "come on over, but just know we are not leaving. In fact we are in the middle of hosting a party. If your buyers don't mind, we don't mind." My Buyers said they wanted to go, so we tried to blend in with the multitude of party goers and check out the house. Personally I think it was just too much, sensory overload if you will. To make the long story short we did not make an offer on this home. I don't think my Buyers could "see " the house because of all the other distractions: people, decorations, kids runnign around in and outside. Home owners that are serious about selling will leave the house. Most showings only take 20 minutes and that is not too much to ask.
So the key things to remember are:
A. Be prepared and get pre-qualified.
B. Find a Realtor you like and commit to finding the right home.
C. If you can choose when to shop for a home, wait for spring/summer, when available inventory is high.
D. Plan to move during good weather so you don't put the family heirlooms at risk.
E. Remember to file for your homeowners exemption ASAP!
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If you are in the market for a new home and are not presently working with a Realtor, call me. I would be happy to help you through the process of buying a home. I specialize in Relocation and I have a network of experts to make the process easy to navigate. I look forward to the opportunity to earn your business.
BetinaForeman, Realtor Keller Williams Real Estate 1801 S. Mopac, Suite 100 Austin, Texas 78746
512-771-6318 Realtor_Austin@yahoo.com www.ServingCentralAustin.com
Member: Austin Board of Realtors, Texas Association of Realtors, National Association of Realtors, ActiveRain, Trulia-Top Voices, and Zillow-Neighborhood Pros.
