Best Time to Buy a House
When you are ready to buy a house, you may be wondering ‘is it a good time to buy a house?’. When you choose to purchase your home is an important factor that can affect more things than just the price of the home. In this post, we’ll go over some tips to help you determine the best time to buy a house. Keep in mind that the home-buying search, no matter the time of year, typically lasts about 4 and-a-half-months, according to data.
When is the Best Time of Year to Buy a House?
The real estate market ebbs and flows depending on the season and location. As you may already know, spring/early summer is the peak season for both home selling and buying and winter is when the typical real estate market experiences a slowdown. But, that doesn’t mean you have to absolutely rule out winter for home buying as long as you have some strategy.
Benefits of Buying in Spring/Summer
The summer real estate market is just as hot as the summer sun. That means you’ll have a lot more choices of homes to choose from in the late spring and early summer months. Your home shopping experience will be a little more enjoyable during the warmer months because of the warm weather you can go freely from house to house without worrying about snow or ice. You’ll also be able to get a better feel for a home’s landscaping. In late summer as temperatures spike, you can also get a feel for a home’s air conditioning and how well it works.
Cons of Buying in Spring/Summer
In the warmer months, you’ll face more competition in the real estate market since it is the most popular time to buy a home. Prices are also higher due to the high demand which means you likely won’t encounter any savings while buying a home in the peak buying season. Statistics show that homes listed early in May sell for more money than homes listed any other time of the year. As late summer rolls around and the temperatures start to swelter, your open houses may become a little more uncomfortable. But, that also means with the spring real estate frenzy over, home prices are likely to start to drop.
Is August the Best Time of Year to Buy a House?
August is the time when the market is likely to experience more price drops than spring or early summer and there’s far more inventory than in the winter, creating a potential sweet spot for buyers.
Benefits of Home Buying the Fall
As the temperature starts to get back down to comfortable levels, you’ll find yourself feeling comfortable again walking through open houses and spending time looking at the outside of the home and what it has to offer. It’s also the time of year when sellers will start to decrease their home prices, good news for your pocket.
Cons of Fall Home Buying
You’ll likely find fewer homes on the market in the fall, which means fewer options for you to choose from. Another downfall to buying a home in the fall is as yards start to turn brown you may not get the full picture of a home’s outdoor and landscaping potential.
Benefits of Winter Home Shopping
Is it a good time to buy a house in the winter? You might automatically think ‘no.’ While the market cools down along with the temperature, it doesn’t mean you have to rule out winter home buying completely. If you are looking for a deal, winter may be your best bet to buy a home. With fewer homes on the market and a slower real estate market overall, you’ll have the ability to save some money on your home purchase. You’ll also have less competition from other buyers, which means you won’t have to worry about being out-bid. Sellers will also likely be willing to accept your offers below asking price when the market is slow. Another benefit to the winter is sellers who put their homes on the market in the winter may do so because they need to move for work or another time-sensitive reason and they will be more motivated to sell.
Cons of Winter Home Shopping
The cons of buying a home in the winter include a limited supply of homes to choose from and the possibility for inclement weather. If you are home searching in a winter climate, you’ll have to worry about driving through snow or ice and not being able to see some of the home’s outdoor features and landscaping if it’s covered in snow.
Conduct Your Own Local Research
As we mentioned, real estate markets vary by location. If you are looking to buy a home in Florida, you won’t have to worry about trekking through snow or freezing cold temperatures while you are out looking at homes. So that means that home prices are less likely to fluctuate as much throughout the year as other parts of the country where they experience temperature changes during all four seasons.
As you can tell, it’s hard to pinpoint the exact month or season to buy a home, because it depends a lot on location and how the real estate market is where you are looking to purchase. Each season has its own unique advantages and disadvantages when it comes to home buying, so make sure to do some research before you set out on your home buying journey. The true best time to buy a house depends on your specific needs, interests, and location.
If you have any questions about buying or selling a house or would like to find out more about the best time of year to buy a house, please don’t hesitate to contact us at Pal Property Solutions. We are experts in real estate investing and would love to answer any questions you may have.