The Best Time For A Renter To Buy A Home

Performance Property Real Estate Question

Q: I’ve been renting for a while, but ultimately I want to own my own home. When do you think is the best time to buy my first home? Christie, Fort Lee, NJ

A: Historically, there tends to be more homes for sale in the Spring than at other times during the year, so to capitalize on a wider selection of homes, it makes sense to start your home buying search as winter is winding down. In order to be taken seriously by a home seller, you need to already be pre-approved for a mortgage loan BEFORE you start looking at homes and making purchase offers. A mortgage pre-approval will also let you know exactly what home price range you can afford–it’s a waste of time to look at homes you can’t afford and many homeowners won’t allow showings to potential buyers who are not pre-approved for a mortgage loan in their listing price range. The most important factor in determining the best time to transition from renter to homeowner revolves around your personal financial situation and your commitment to live in the area where you are searching for a home. When you buy a home with a 30 year mortgage, you are making a 30 year financial commitment and only you can really decide if and when you want to make that commitment. Thanks for your question, Christie.

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