When is a good time to buy a house?

Real estate prices also vary from one property to another and from one region to another, prices also vary according to seasonal periods, sudden changes in supply and inventory of homes, in addition to different government policies, and the status of the local economy and its impact on global events in the rest of the economies of other countries of the world.

Therefore, choosing the right time to buy a home is an essential part of the buying process, and it plays a big role in maximizing the options of the buyer and enabling him to make the deal he wants and meet his measurements. The most important of those times during which it is recommended to buy a home:

Periods characterized by low-interest rates

The real estate market is closely related to the interest rate and its changes, any action in the interest rate is directly reflected in real estate sales. The central bank is primarily responsible for setting the interest rate, which is adopted by all banks in the country.

The CBE usually raises or lowers the interest rate according to the requirements of the national economy, when the economy suffers from recession, expansionary monetary policies are followed, by lowering the interest rate to revive the economy, while in cases of inflation, the CBE follows austerity policies, the most important of which is raising the interest rate to try to control prices and stabilize the exchange rate.

As for the extent to which the interest rate affects the real estate market in the cases of contractionary and expansionary monetary policy, it is as follows, when the interest rate is raised for any reason, this leads to raising the cost of loans in banks, including loans for real estate, and thus the difficulty of the borrowing process, and the decrease in demand for the purchase of real estate financed by banks, which reflects negatively on the real estate market.

If the interest rate is cut, the cost of borrowing from banks will fall, encouraging more borrowing and higher demand for more real estate. Therefore, periods, when the interest rate is low, are the best periods for buying real estate.

Economic boom periods

Periods, when the country is witnessing an economic recovery, are characterized by a booming real estate sector and a high level of sales in it. When a country's economic growth rate rises, most economic indicators such as local currency purchasing power, rising corporate profits, and wage rates improve, along with more facilities in terms of borrowing, which encourages homeowners to buy more homes.

The economic recovery is also prompting real estate construction companies to increase supply, by undertaking more real estate projects, providing more competitive opportunities for those wishing to buy.

Buying a house in spring and early summer

If you want to buy a distinctive home and want to have a wide range of options in your hands, the most appropriate time to buy is in the summer and spring, that is, starting from March and ending in July, as both demand and supply rise in these five months, and sales record a significant increase, so if you want a home with unique specifications, you should use this period to search for your dream home.

Buying a house in winter

If you are thinking of owning a house at a low price commensurate with your modest budget, then we advise you to buy in the winter, that is, in the three months, November, December, and January, as real estate prices in this period are characterized by their decline, due to the lack of demand for buying real estate during them, but on the other hand, the number of options in your hands decreases, due to the low supply of homes in this period as well.

When the supply of houses is large

You can also take advantage of the availability of a large supply of homes, which may result from seasonal reasons, as the real estate market usually achieves a rise in supply in the spring, while it decreases in the winter, as many families move to areas where schools are available for their children before the start of the school year.

Also, some laws or policies may be issued that contribute to supporting the real estate sector, whether related to reducing construction taxes or real estate tax or even reducing basic materials for construction that may encourage construction companies to undertake more real estate projects.

All of these things are unique opportunities for anyone who wants to own an affordable home.

When your financial situation is good

Finally, after taking into account all those special times that can be used to buy a home that meets your needs, you must also choose the right time when your financial situation is stable. Such as not having accumulated loans and interest with the bank, or having liquidity resulting from additional bonuses or a rise in salary that enables you to make the first payment to the house.