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When Is It the Best Time to Buy a New Home?

15:11 PM

Are you planning to buy a new house? Wouldn’t you be looking for a time where you can find the widest selection of property available at the lowest possible price? Regardless of the time of the year, it’s not easy to find the perfect property when prices are low and the number of homes available for sale is high. Even if these two critical factors favor you, there is something more that you need to think about – your life events along with your current financial situation.

To help you pick up the best time to buy a new house, we walk you through three approaches that will allow you to figure out the best time to buy a new home.

#1. Best Time of the Year

In Australia, the best time of the year to buy a new home is just before, during or right after winter. You can find the best bargain in June and July.

#2. Best Time Based on the Economic Conditions

The broader market trends, the stock market conditions, and the local job market state also dictate the best time to buy a new house. Technically, when the economy is not doing relatively well, that's when you can find the best deal; however, you may not find as many options to choose from.

#3. Best Time Based on Your Financial Situation

Regardless of the season, the month of the year, and the broader economic conditions, the best time to buy a new home depends on you and your financial situation. Of course, you can try purchasing a new home at a time when you can find the widest selection of property to choose from or pay the lowest price. But in the end, the best time to buy a new home is when you have your finances in order.

Some of the signs that you are financially ready to buy a new home include

  • Your debt is zero, and you have freed your income to invest in a new home,
  • You can pay up to 20% of the total value of your home as a down payment,
  • Your house payment is less than 25% of your after-tax salary,
  • You are financially stable enough to handle homeownership and maintenance cost,
  • You and your family can stay put for a while so you can financially recover after huge investment.

If you fit in well for each of these statements – congratulations! It's probably the best time for you to buy a new home. So what are you waiting for? Invest in a new house now and transform it into the home of your dreams. Get in touch to find out more.