Best time to buy a home

<<>> The best time to buy a home is when interest rates are at there lowest point and home prices have fallen to their lowest level. When interest’s rate and home prices cross on a graph, this is the best time to buy. Let me explain.

My goal was to purchase a home. As a real estate appraiser, times were good. I had so much work that I was staying up half the night and working as many hours as I could in order to get all of the work done. In 2001, Interests rates were just lowered again and another round of refinancing and buying was strong.

In 2003, I purchased my home. Interests rate were competitive and low. Home prices were still low but moving upward. In 2006, I felt the market beginning to slow down. Just one summer from this time, it was so busy, that when I’d complete an appraisal for a home within 15 minutes from my home, the realtor would have 8 back up offers. My current job as a real estate appraiser began to slow down. As a result, I listed my home. It still took a month or so to sell, but the number of buyers dropped significantly. I was lucky. I purchased at near the low and sold at near the high.

Interest rates were still fairly low, but home prices were nose bleed high. Now, my timing was pure luck. But do you know how I knew when to buy. Just like miners took a canary into a mine shaft so that they would know when to get out, I had found a way to know when is the right time to buy.

Check occupations that are directly related to the housing Industry. If home buying is slow, but builders, title companies, realtors and real estate appraiser begin to hire more people, this may be the best time to buy. If the real estate appraisers, builders, and title companies are beginning to slow, this indicates a trend that may continue. This may be the best time to sell.

Keep track of pending sales and active listings in your area. If you can find the time when active listings are decreasing and pending sales are beginning to increase, this is an indication that the market is changing. This may be a good time to buy, but this may also be from season trends, so you’ll have to graph this and in this case, you may miss the times, because once you know, it may be too late.

Track building permits. If building permits begin to increase, this is a good time to purchase. When building permits decline, this is telling you that people may be losing their job, companies are not building and the market will be heading downward.

These three buying indicators may be some of the best basic methods to tell you when you should buy a home, but before you buy a home, be sure to check the sales in your market area just to be sure.