Is It a Good Time to Buy a Home in Lawrence KS?

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Modern Home with Red For Sale Sign in Front

Are you ready to buy your first home? The decision to buy a home is a big one, and timing is everything in a housing market and economy that is always changing. Potential home buyers will find that the Lawrence area offers a great combination of urban adventures, an active community, and an incredible atmosphere to live in, and many are asking — is it a good time to buy a home in Lawrence, KS?

To get the answers that matter to you, it is important to talk to a local real estate agent, and Realtor Jackie Giroux and her team are here to help. With local knowledge of the area and years of experience in the Lawrence real estate market, Jackie is ready to help you buy a home, purchase property to build a home, sell a home, or invest in real estate.

When Is the Best Time to Buy a Home?

It can be difficult to choose the right time to buy a home and there are multiple factors that you may want to consider. The time of year when you choose to buy is one important factor to consider — as the real estate market and prices change with the seasons. Your own individual circumstances are another important factor in this equation as well. Are you financially ready to buy a home? In addition — understanding the local real estate market where you hope to buy and economic conditions, like interest rates, are important aspects to consider.

In the end — the best time to buy a home is when you are financially ready and you have found your dream home. Here is a better look at the factors you want to consider to determine when is the best time to buy a home in Lawrence, KS.

Time of Year and Season

The time of year has a significant impact on the housing market. Spring and summer — March to June — is the best time of year to buy a home in Kansas and potential buyers will see increased buyer activity that can lead to lower prices and more options. The cooler temperatures of Spring also make this time of year a good time to move and avoid the scorching hot summers and frigid cold winters.

Your Financial Situation

Maybe the most important factor to consider when you decide to purchase a home are your own financial circumstances. Questions you want to ask include — what is my credit score? Is my career in a good place? Do I have the money to handle a downpayment and additional costs? It is important to know that most lenders require a credit score between 500 and 700 to approve a loan and the Federal Housing Administration (FHA) requires a 10% down payment if you have a lower credit score. The majority of financial institutions recommend a down payment of at least 20% when you purchase a home.

Housing Market and Economy

The housing market and economy may dictate the best time to buy a home in Lawrence, KS. Potential buyers may want to take a closer look at average home prices, interest rates, and economic stability before they make the decision to buy. Data provided by Zillow shows that the average home price in the Lawrence area is $312,250 and the prices have increased in recent months. The average interest rate on a 30-year fixed mortgage is 6.125% and has gone down slightly in recent months with rates expected to decrease at the end of the year and into 2025. Understanding these market trends can help you determine if it is the right time to buy a house.

You may want to know — is it the right time to buy a home in Lawrence, KS? The answer is based on multiple factors that include the housing market and economy, the time of year, and your own finances. We hope that this quick overview has helped answer your questions and when you decide it is the right time to buy — Realtor Jackie Giroux is here to help you find your dream home in the Lawrence area.

Contact Jackie Giroux and her team today for more information on real estate in the area!