3 reasons not to buy a home now
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Matthew Frankel, The Motley Fool 8:30 a.m. EDT June 14, 2014 A house for sale(Photo: AP)If you're thinking about buying a home, now may seem like a tempting time to finally take the plunge. Mortgage rates are the lowest they've been in a year, and we keep hearing that rates are expected to rise over the next several years.However, there are a few reasons you might not want to buy a house this summer.Don't buy when everyone else isAccording to realtor.com, the spring and summer months are the best time to sell a home, because that's when the most buyers are in the market.Families like to move when their kids aren't in school, and it is just more convenient to move in nice weather than in frigid winter weather. In fact, about 50% of all home sales take place during the summer alone.Like with any investment or purchase, buying when everyone else wants to buy is rarely the best idea. Sellers generally see more activity during the summer, which means more offers and the ability to hold out for the price they really want.Realtor.com also says winter is the least favorable time of year for sellers. Generally, those sellers who put their homes on the market in the winter are more eager to move, and are more willing to make deals. As a buyer, the lower demand also means you'll get more personal attention from professionals like real estate agents, home inspectors, and closing attorneys, making the whole process easier and more pleasant.How's your credit?While lending…
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