At Deerwood Realty, people are always asking us when is the right time to buy.  It’s a fair question, but the answer is always, “it depends” Here are some of the scenarios we see pretty often that often dictate when to buy a house, irrespective of market conditions.

A new addition to the family.  A new baby on the way is typically one of the times when a new family will be looking to buy a new home.  There’s definitely a timeline that isn’t relative to market conditions!

Couples taking the next step in their relationship –  Moving in together?  Getting married and looking for the perfect starter home?  These “life events” as we call them in the real estate business are moments filled with excitement and a sense of adventure.

Empty nesters and downsizing in general –  When the kids are gone, maybe now is the time to move into something a little more manageable.  Big houses equal larger maintenance bills.  Also, who is looking to clean those 3 extra bedrooms?

You will never know the exact bottom or the very top of the market.  People in 2007 thought that house prices were going to keep going up forever.  Painfully, that wasn’t the case for the next 8 to 10 years, and some places still haven’t recovered.  Similarly, someone who bought a house 60 years ago and hasn’t moved but updated over the years should be sitting on a pretty decent piece of equity.

Interest rates can change.  Let’s say you are looking at a house to buy now and the price is $500,000.  If the price falls by 10% to 450,000 in a year, you might save around $260/month.  But, what if the interest rates rise?  A 1% rise in rates would cost about $260/month so even if the prices drop, the payment may be the same.


In Conclusion

I like to look at the home buying process as an adventure.  We don’t know the future, but that is why we like to look at things from a holistic approach.  Does the purchase of a new home make sense for you?  Why or why not?  Is the house you choose one that you will be happy in for years?  If so, there’s no reason to wait.

John Schink is a real estate broker in the St. Louis metropolitan area who specializes in full service listings and buyer agency.  He is a member of both the Saint Louis and Jefferson County Boards of Real Estate.  If you are looking to buy a home for sale in Saint Louis, Missouri or the surrounding metropolitan area or considering selling your home, or for general real estate related inquiries, he can be reached at 314-707-4821 or