Albuquerque Journal | If you’re ready to buy, start looking
Q: I’m thinking of buying a house but I’d imagine there are a lot more houses on the market in the spring. Should I wait until then to buy? I’m ready now but want to do it at the right time.
A: My answer for when to buy a house is similar to my answer to the question of when to sell: Buy a house whenever you’re ready.
Being ready means having your financing in place, knowing your budget and wants and needs, and being able to move out of your current living situation without too many months of double payments.
If you’re approved for a mortgage (or have the cash to buy) there’s no reason to wait. Start looking for houses now. True, there might be fewer houses on the market in the winter than there will be in the spring, but you also might find some sellers are quite motivated to sell so they don’t get stuck with their house until the warmer months. The winter can be a great time to make a deal for both buyer and seller.
Besides, unless you get very lucky you’re not likely to buy the first house you see. It happens. You might find the perfect place right away, but on the other hand it might take a few months of house-hunting to find something you want to purchase.
In the meantime, if you are getting a mortgage, be careful about your credit and financial situation. Now that you have the approval it’s important to protect it through the entire home-buying process. So no sudden financial moves. No new credit cards, no car shopping, no new furniture. All of that can wait until after you’ve purchased the house.
So get out there and start looking! You might just find the perfect place and be in your new house in the beginning of the year.