Buying McMinnville real estate is a wonderful idea. But what is the best time for this? The answer would be whenever you can afford to make the purchase. However, in reality, afford is not as simple as how much money you have in the bank. There are many other lifestyle and financial considerations.
Money is of course always the most obvious consideration. You can buy now if you have sufficient funds. You can buy the property even if you cannot pay in cash. All you must ensure is that, your mortgage shouldn’t exceed 28% of your gross pay. Be a bit careful here, as buying a property through mortgage is a long-term commitment. You will have to pay the mortgage for the next 30 years.
So evaluate whether your income source is reliable and stable. Also, evaluate your future prospects. Yes, it is a fact that personal incomes will usually go up with time, but then, so will the expenses. Keep that in mind while deciding.
The Housing Market
The next consideration is the economy of the McMinnville real estate market. Buying a property is an expensive proposition. It is the single biggest investment decision most people will make in their life. So weigh your options â€“ is it going to be cheaper to rent or buy? If buying is cheaper than renting, then you should certainly go ahead and look to purchase that property.
Also, consider the long-term implications of a purchase. If for instance, your grandparents purchased a home 50 years back for $25,000, and sold it off at 5 or 10 times more, 30 years later, they would have surely made a lot of money. But this isn’t necessarily true today. Many people have actually lost money in the realty market since the housing crash of 2006. You will find homes that are worth less today than before.
The Economic Outlook
There may not have been serious slumps since 2006, but the fact is that, the real estate market goes through swings every year. There are years when the prices get depressed, and years when they become abnormally high. Low prices obviously mean that you will get a good deal. It’s a sign to go ahead and make the McMinnville real estate purchase. Make the purchase in a buyer’s market. Your asset value could appreciate considerably in just a year, if it becomes a seller’s market. There are high and low interest rate years as well. Low is obviously better.
The Right Season
Another important factor is the season. You will find the most For Sale signs during the spring each year. The prices may be slightly higher this time of the year, but then, you will find the widest possible variety of houses to choose from as well. So you could see many properties and take your time in picking just what you need.
On the other hand, if you want to negotiate, then choose the winter. Most homeowners will not be receiving many offers this time of the year. So the chances are, you could be getting a good deal on your
McMinnville real estate.