Clients, people I meet and prospective buyers always ask, "When is a good time or the best time to buy a home?" My answer is usually, "Now!" The real estate market fluctuates. However in the Greater Bay Area we haven't seen downward pricing since 2009. Getting into the market is better than not being in. The longer you are an owner, the more opportunity you have to gain equity through home improvement and market appreciation. We all know that friend who purchased in the 2000's and we wish we had too:))
There are scenarios where it is wise to wait. If you are looking to avoid paying capital gains tax upon the sale of a home, you will have to live in the home for a certain period of time before selling, and then re-purchasing.
Also, if you have consulted your financial professional regarding taxable events that may affect you and you have been advised as to when it is wise to purchase a home to offset whatever event has occurred.
Buyers may monitor the seasons to determine the "best" time to buy and they are not entirely wrong. There is a slow down during the end of each year throughout the holidays and the market ramps up as Spring/Summer approaches with a flood of listings to market. If you are looking for less competition, the slower winter months may benefit you. If you want lots of choices and are willing to risk more multiple offers, then wait for the spring.
The right time to buy is when you are ready. When your credit is in line, your down payment in hand and you are applying for a loan or have loan pre-approval. 3-6 months can make a big difference in pricing and availability of homes. Move ahead sooner than later so you don't have to be affected by unknown's in the real estate market.
For 35+ years, Patty Rogers, Broker Associate, BRE#00669968 with Abio Properties, has been previewing and matching stylish homes to satisfied Bay Area homebuyers and breaking sales records with her listings. She is known for finding and selling unique homes with a "Modicum of Charm" and is a shrewd negotiator who understands how to successfully orchestrate deals.
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