Five things to consider before buying a home.
By Laurice Srichinda, VP, Mortgage Lending at Everwise Credit Union
Buying a home is a big step, and timing plays a major role. While mortgage rates and market conditions matter, your financial readiness and personal goals are just as important.
Buying a home is a big step, and timing plays a major role. While mortgage rates and market conditions matter, your financial readiness and personal goals are just as important.
1. Lifestyle factors.
One of the first things to consider is your lifestyle. If you’re looking for long-term stability and the freedom to make a space your own, homeownership might be the right move. It allows you to build equity over time and invest in a place that’s truly yours — from painting walls to major renovations.Renting, on the other hand, offers flexibility. It’s a practical choice if you're not ready to settle down, anticipate job changes, or want to avoid the responsibilities of home maintenance and property taxes. Though it doesn't build equity, renting isn’t necessarily “wasting money” — it's paying for convenience and freedom.
2. Time commitments.
Think about how you want to spend your time, too. Homeownership often comes with upkeep, from lawn care to appliance repairs. Renters usually don’t have to worry about that, leaving weekends free.
3. Seasonal impacts.
Seasonal timing can also influence your decision. Winter often brings lower prices and motivated sellers, though with limited inventory. Spring and early summer see more listings — and more competition. Expect higher prices and potential bidding wars as the market heats up.
4. Real estate market.
It’s also crucial to understand current market conditions. In a buyer’s market, there are more homes than buyers, giving you negotiating power. In a seller’s market, demand drives up prices, making it harder to find a deal.
5. Financial readiness and preparedness.
Ultimately, your personal circumstances matter most. If you have stable income, good credit, and savings for a down payment and closing costs, you may be ready. If not, waiting while you build your financial foundation might be the smarter move. Either way, getting pre-qualified for a mortgage early on shows sellers you’re serious and helps you stay competitive.
Finding the right time for you.
The best time to buy isn’t just about the market — it’s when you’re financially and emotionally ready. When that time comes, learn more through Everwise’s free online home buying learning modules and contact a mortgage loan officer to help guide you every step of the way.
Laurice Srichinda,
NMLS #399352
NMLS #399352
Laurice brings over 25 years of experience in housing finance, with a strong background in both mortgage originations and servicing. She currently serves as our Head of Mortgage Lending, where she is driving several strategic growth initiatives within the division.
Disclosure
All information presented on this page is for educational purposes only and doesn’t constitute tax, legal, or accounting advice. It is to be considered as general information, not recommendations. Please consult with an attorney or tax professional for guidance. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. Subject to membership eligibility requirements.