A Good Time to Buy?

Well, the resale market around here is getting slower and slower -- the houses stay on the market longer, and the prices are giving way a bit. Of course, we've got snow and it's close to Christmas, so I suspect not much is going to happen until we are in the new year, and the weather is a bit more inviting for house touring as well as moving.

Not that we've completely given up our window shopping habit when it comes to houses. We've seen a few good prices, and we're still thinking about accomodating all that "new baby" stuff that will be arriving on our doorstep VERY soon. But it's mostly tire kicking; I don't think we're really serious about buying anything now, especially not with my wife only a month or so from delivering Baby #2.

However, if you are in the market for a house, now might be a good time. If your area is like ours, houses have been sitting longer and prices are under some pressure. You should be able to negotiate a reasonable time to move -- even 2 or more months away, which gives you some time to prepare for a winter move. And in return for the hassle of moving in the winter, you could save your self a few thousands on the cost of the home.

If you buy now, you can also lock in a mortgage rate at today's rates by being pre-approved. This means that you can have a lower rate, even while all evidence points to the US Federal Reserve continuing to push the prime lending rates up. Saving on your interest rate will save you thousands over the life of your mortgage.

So, by buying in an "inconvenient" time, you could get a combination of good price on the home and good rate on your mortgage.

Think fondly of us while you look at or buy homes. We'll be the ones down the street with the baby stuff tumbling out our front door.


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