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Is it Time to Buy a New House?

Whether you need to upgrade your living situation, downsize to something more manageable, or relocate for personal reasons, we understand there is a lot to think about before you take the plunge and buy a new house.

Let’s look at a few considerations:

Time of Year

In New England, summer is an especially hot time (pun intended) for the housing market. But as the busy season wanes and fall begins, you could see some prices drop or more opportunities for negotiations. Many sellers want to complete the moving process before winter hits.

See charts below from HousingWire and The National Association of Realtors. The first shows monthly share of home sales by region, with highest numbers through June, July and August. The second shows prices nationwide as they peak throughout the year; again those three summer months are on top.

This is something to consider as we can see September on the horizon.

Monthly share of annual existing home sales

US Existing Home Sales

Life Events

You may have heard this from your insurance company as well, but major life events are often reasons to assess other parts of your life… such as living situation. New baby? Empty nest? New job? Getting remarried? The list goes on.

While it could seem like a lot to take on, an investment in your future will pay off and make daily life more comfortable in this new stage.

External Factors

There are some things we can’t control, like who your neighbors are, or the ups and downs of the US economy.

If you’re in a situation where your neighborhood is becoming unrecognizable, inconvenient, or even dangerous, then maybe it’s time to start looking for a new place to call home. Take a look around with fresh eyes or make a list of what your ideal neighborhood would contain. That ideal might just be out there!

Finally, market considerations can play a role in real estate. For example, if you’re thinking about buying an investment property, rather than putting your money into stocks, bonds, etc.: Mortgage rates are currently reasonable, and a financial advisor can help you determine what is required for a high return on investment.

 

There are plenty of reasons to move, and timing can be a crucial factor in a seamless transition. Give us a call to discuss if the time is right for you to buy a new house!

508-219-4707

 

 

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