When is the Right Time to Buy a House in the Country?

Making the decision to buy a home is a big step for anyone and it’s one that requires careful planning, sometimes years in advance.

It’s no surprise that prospective buyers want to make sure they’re taking that leap at the best possible time. So, when exactly is the right time to buy a home in a rural area? 

Whether or not you are first-time home buyers, everyone’s situation on when to purchase a home is going to be different. There are a lot of questions potential buyers need to ask themselves when deciding if they’re ready to make an offer. Factors outside their control will also affect what properties are available.

Here are a few things to consider when deciding the right time to buy a house:

Understand the Relationship Between Interest Rates and Housing Stock

Rising interest rates over the past couple of years have affected the housing market in a multitude of ways. 

Higher rates mean fewer people are looking to move as prices for homes have also increased. In turn, fewer properties have been on the market, and those that are for sale often receive several competitive offers. 

Interest rates are forecasted to decline the remainder of 2024, which could return the housing market back from unchartered territory to a familiar place. More housing stock could become available over the next six to 12 months, providing more options to buyers looking at potential properties.
 

Crunch the Numbers  

One of the biggest things potential buyers need to do before deciding the right time to make an offer is sit down with a home mortgage lender. 

Together, we can determine a monthly payment you can afford. It’s especially helpful to do this before looking at properties so you don’t fall in love with a property outside of your means.

This includes considering current interest rates. Thanks to Compeer’s home mortgage lending options, current clients can always adjust their mortgage rates for a small fee if they come down. 

Buyers should also know how much they’re able to spend on a down payment. While a 5% down payment is typically the minimum, anything less than 20% will likely require mortgage insurance, which buyers will need to work into their budgets. 

With lots of moving parts, it's important to go over your whole financial picture with a rural lender to ensure you can put down roots in the home of your dreams.


Considering a move? We’re here to help.

People have more choices and opportunities than ever to live where they want and, for many, the peace and quiet of country living is increasingly attractive.

As a leading home mortgage provider for rural financing, Compeer Financial has seen where the potential pitfalls lie – and we hope that by sharing some of them, you can make your own move to the rural lifestyle that much smoother.

Click HERE to connect with a Compeer Financial Mortgage Specialist today!

Compeer Financial, ACA is an Equal Credit Opportunity Lender and Equal Opportunity Provider. ©2024 All rights reserved. Mortgage approval at the sole discretion of Compeer Financial. Nothing herein shall be considered a commitment to lend. Certain factors or groups of factors, including but not limited to those mentioned above, may cause an application to be denied. Program terms, requirements and conditions are subject to change without notice.