Buying a home is mostly a personal decision. Generally, the right time for you to buy has more to do with something happening in your life than it does a shift in market conditions. Maybe it’s a good time to buy because you’ve recently gotten married or have taken a new job in a different part of town. Perhaps you’ve decided to start a family or are approaching retirement. Whatever your reasons, they, most likely, aren’t based on a thorough reading of the housing market and its prospects for a healthy future. But, despite the fact that buyers are going to be more focused on getting a house that fits their lifestyle and has the right number of bedrooms and a good amount of storage, that doesn’t mean they shouldn’t take some time to familiarize themselves with where their local market is heading. Mark Fleming, chief economist at First American, says it can help you make a more informed decision. “When considering the right time to buy or sell a home, an important factor in the decision should be the market’s overall health, which is largely a function of supply and demand,” Fleming says. “Knowing how close the market is to a healthy level of activity can help consumers determine if it is a good time to buy or sell, and what might happen to the market in the future.” More here.
