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Is it ever the wrong time to buy?

By Andrew Bell

If you're looking for your new home, you may be wary of making a move too soon or too late – at the "wrong" time of year or month. While doing your research is encouraged, the truth is that there is no specifically "wrong" time across the board. Financial experts may have tons of statistics and figures about counter-cyclical investing, but let's be real: if you are shopping for a home for you and your family with investment only as a secondary goal, only a fraction of that data may apply to your situation, and in numerous cases it doesn't apply at all.

The "right" time for you to buy your home will be based on so much more than seasonal fluctuations in the real estate market! What is far more important is how you balance your needs in a home with what is available on the market, how well you can negotiate and the timing of your home loan application relevant to shopping around for a new home.

When should you apply for a home loan?

Before you start surfing the property listings online, or heading to open houses, it's important to get your loan preapproved. Nothing would be worse than finding your dream home and not being prepared to put in an offer.

The best time to put in an application for a home loan is the first week of the month. By the end of a given month, things can be chaotic as lenders try to close off loans and that activity is more likely to be prioritised.

When should you buy a house?

The short answer is: when it's the right time for you. While seasonal tips abound for home buying (often tied to weather, school schedules, holidays and more), waiting until next spring when you need a home in the summer just doesn't make sense. Your timetable should be based on a wide range of factors to help avoid you being caught in a crunch. Ideally, you can start looking whenever you are ready as long as you are prepared to move quickly when things begin to fall into place.

Overall, you want the seller to be the most motivated party. If you are a DINK (Dual Income No Kids) couple, or a downsizing senior, you may have more flexibility in when to buy. By contrast, if you're expecting a new addition to the family or moving for work, you may have much more urgency. In the end, there is no "wrong" time to by a home, just the best time for you and your specific circumstances.

Looking for your dream home? Contact the team at Ray Whites Surfers Paradise and we'll help you locate the ideal property for your needs.

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