When is a Good Time to Buy a House?

If the thought of “I think I want to start looking for a house” has crossed your mind recently, it’s probably followed by “...but maybe I should wait.” Whether you’re new to the home buying process or are ready to buy your next home, it can be hard to know when the time is right. From life events to housing market twists and turns, when IS the right time to buy a house? Of course, the answer is different for everyone, but we’ll help you decide when it may be the right time to buy a house based on a few considerations.

Is now a good time to buy a house, or wait?

If the reason you’re waiting to buy a home is…

Related to a down payment: Don’t wait! NEBAT has options for mortgages with little to no down payment. Your NEBAT mortgage lender will help you navigate through this process based on what you have saved for a down payment.

Because of mortgage rates: Don’t wait! Remember that although mortgage rates may seem high, they are still historically low. NEBAT also offers unique financing terms to help meet your borrowing needs. This could include Adjustable Rate Mortgages (ARMs), second mortgages, and other options.

It seems too overwhelming: Don’t let this stop you from getting your dream home. NEBAT is part of every single step along the way. You don’t purchase houses every day, but our lenders help people get into their dream homes each day! We’re always a phone call or email away. By the end of your home buying process, we will be ole pals, that’s how often we’re involved.

Because it’s a seller’s market: The market has really changed over the past few months, in favor of buyers. If you’re concerned about your area, give us a call or find a real estate agent you trust to discuss options.

Because you are renting now: You may want to consider buying a home to help you build equity. Here’s some more information on the topic. The earlier you can build equity in a home, the better.

Because you just don’t want to buy a house: Okay, maybe you should wait until you’re ready!

Why Now is a Great Time to Buy a Home

Compared to a few months ago, there has been solid progress in the housing market in favor of the buyer. We’re starting to get back to what many of us view as a “normal” housing market. This makes buyers feel more comfortable with starting to house hunt.

Unrelated to the housing market though, the earlier you can start to build equity, the better. Having equity allows you to pay off debt, finance college tuition, home projects, and more. Our recent blog on the benefits of buying a home covers the importance of this in depth. As your bank, our job is to help you in building a well-rounded financial profile. Buying a house is a great investment and allows you to enhance your financial profile. If you’re not quite ready for a house, a condo or mobile home are great introductions to eventually owning a house.

Home Mortgage   Benefits of Home Equity