We are often asked ’When is it a good time to buy a new home?’, so I’d like to respond:  ”The best time to buy a new home is when the benefits of moving to a new home outweigh the benefits of where you currently live, provided that you can afford to do so.”

There are many factors to consider in buying a home, including communities of interest, price range, schools, type of home (single family, condo, co-op, multi-family), dwelling size, number of bedrooms and bathrooms needed, commuting distance to work, distance to shopping and other supporting amenities, and many other questions to explore and discuss.  

Of importance is the amount of a mortgage you may be preapproved for, and how much the monthly payments- mortgage principal and interest, taxes, and insurance, also known as PITI- equate to.   Are these payments reasonable and affordable compared to monthly income, without notably altering your lifestyle?  Decide how much cash you have for a down payment, and factor in additional funds for closing costs (approximately 3% to 5% of the loan amount), as well as reserves for repairs and improvements.    We recommend after the down payment and closing costs, moving expenses, repairs, improvements, etc., buyers should have a minimum of 3 months, and preferably 6 months or more of equivalent PITI as a cash reserve available for emergencies or other expenses after completing the purchase.

Many real estate agents from ordinary listing companies do not ask nearly enough questions to understand the kind of home, location, your lifestyle considerations and interests, or even what monthly payments are most comfortable for you.  

Part of our job is to ask key questions to understand our client’s needs and lifestyle.  This approach takes more time, but it means that we are able to focus on helping our clients find and buy the best homes which they truly love and can afford.