Buying and Selling

Infographic: Is there a right time to a buy a home?

Family unpacking boxes in new home
 

Homeownership: it’s part of the American dream. A full three-quarters of Americans say buying a home is a priority, including 82% of millennials.1 The main reason why? Most people see it as a good investment, followed by simply wanting more space.1

Buying a home is a big decision, and while it’s interesting to see why other people are buying homes (scroll down to see more below!) ultimately, the best time to buy is when it’s right for you. Here are some things to think about:

  • Why are you looking to buy? Think about your values and your long-term goals. Maybe you’re at a point when buying makes more sense than renting. Maybe you’re getting married, growing your family or, in the case of 33 percent of millennials surveyed, looking for yard space for a dog.2
  • What’s on your wish list? Think about the factors that are most important to you—being close to entertainment options, proximity to your job or simply just staying on budget. What are you willing to compromise on, and what’s non-negotiable?
  • When does it make the most financial sense? Thirty percent of Americans who plan to buy a home in the next 5 years will do so because it will be more affordable than renting.1 A home purchase is more than just a down payment and a monthly mortgage payment, however. You may need to adjust your saving and spending habits so you can support the full cost of purchasing and maintaining a home. Working with a mortgage lender and getting pre-approved can help you stay within a budget that aligns with your goals.
Infographic: Is there a right time to a buy a home?
 

It’s never too early to seek out support from a loan officer who can help you understand your options based on your goals. Planning ahead, being informed and finding a lender you can trust can help you figure out when is the right time for you to buy a home.

Gain confidence on your home-buying journey.

Getting pre-approved can help you stick a budget that aligns with your goals. Learn more about getting pre-approved.

1 “2018 Home Buyers Report,” 2018, NerdWallet

2 SunTrust Mortgage Study. Note: The survey was conducted online within the United States by Harris Poll on behalf of SunTrust Mortgage from June 28-30, 2017, among 412 U.S. adults ages 18-36, among whom 248 purchased their first home and 135 have never purchased a home.

3 “2017 Profile of Home Buyers and Sellers,” 2017, National Association of REALTORS

4 “Home Buyer and Seller Generational Trends Report 2018,” 2018, National Association of REALTORS

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

Related