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Being in the Real Estate industry for over 25yrs, whether as a lender or currently as a Real Estate agent, I get asked that question all the time and my answer is always, it depends. It really depends on what your goals are, if you are financially ready to buy, have you done your homework on the process, etc. There are a lot of factors in which will affect your decision on if it’s the best time to buy. You have traditional seasons in the year in which inventory is plentiful and you have more options. There are Market Conditions that are out of your control that can significantly affect your decision. You also need to consider how much competition you have when buying a home.
Depending on the time of the year and what season you are in can affect how much success you have in finding your home. If you currently live in an area where you experience all four seasons, Summer, Fall, Winter, and Spring, this will have an effect on your buying process.
Usually in the winter, seller pull their homes off the market because of the whether and holidays. Everyone is in the holiday spirit, and most do not want to spend the time trenching through snow and cold whether looking at homes. Its also hard to see what the home and property looks like when most of it is under snow.
Usually end of spring and beginning of summer is when it’s the busiest and people start putting their homes up for sale because it will show better with the spring vegetation blooming and buyers want to find something before the new school year starts.
In Puerto Rico, you do not have that problem since we have summer year-round and really the weather doesn’t have the affect on listing your property as it does in a place that experiences all for seasons.
The real estate market may fluctuate with the seasons, but there are also broader market forces that can influence housing prices, inventory and current interest rates. For example, mortgage rates tend to follow the Federal Reserve’s interest rate. So, when the Fed lowered their rate in response to the COVID-19 pandemic (and related economic struggles) in 2020, mortgage rates also dropped.
Even when house prices are low, you’ll want to consider how mortgage interest rates affect your total expenditure over the life of the loan. The apparent savings from a good purchase price on a house may be quickly offset by a high interest rate. Many home buyers are taking advantage of this chance to save big on interest. Even though demand and prices have gone up, plenty of people are finding it a good time to buy a new home.
Bear in mind that housing market trends may vary by location. Specific cities – or even neighborhoods – may see trends that differ from the overall market. If you’re moving to a “hot” city or neighborhood, you might encounter higher prices and lower inventory.
Personal Readiness
It’s hard to overstate the importance of personal readiness when determining whether you should buy a house. The best time to buy a house is when you feel confident in your finances and personal goals because there’s so much emotion throughout the house hunt.
No matter the season, you’ll want to make sure your credit is in good shape and your debt is under control before buying a house. You’ll also want to feel secure in your employment and income, ready to commit to living in a specific area and prepared to handle the various costs of homeownership and avoid becoming house poor.
The Best Time to Buy
Bottom line is that when buying real estate in Puerto Rico, timing your purchase can feel important to you. However, each season and market conditions bring with it pros and cons when shopping for your property, including the amount of inventory available, the amount of other buyers you are competing with, prices of the homes, and how rates are affecting your payment and purchase power.
If you find the property that checks all the boxes, you are financial ready and confident, the best time to buy that property is NOW!!
We would love the opportunity to earn your business and help you find your next Real Estate Property in Puerto Rico. Please contact us today!!
Your satisfaction guides our every step. Thanks for choosing PRRE. View all.
"Thank you for your service great teamwork I completely appreciate your time and all your effort thanks again"
You were so much help. Thank you for staying on top of things with me.
The closing was straightforward and completed without incident. The buyers were wonderful. Thank you.
The closing was straightforward and completed without incident. The buyers were wonderful. Thank you
I received your listing in email and just wanted to thank you for the EXCELLENT information. You included not only the correct location, but good, quality video/photos, everything. It's not exactly what I need but: A rare thing to get such a quality listing information, just wanted to say thank you.
Everything went smooth and great at closing, you were such a great help in the process. I will refer you to a friend that needs your help. Thanks alot for all you did for me.
Thanks to all of you, super attention, you explained everything very kindly and the Lcda was also super kind. All excellent more than grateful for everything!!
Everything super good, they treated us very well and everything went well with the closing. Everyone was very nice and the Lcda was very kind to us. Thanks to you and your team who treated us very well and never let us go. I will recommend you and hope to call you soon to find a property.
Closing Done, only took an hour.No problems it went smooth. Thanks again for everything! Having a drink to celebrate.
Very Smooth Transaction. Your Team was very supportive and they helped me alot during the transaction.
