home buying

When is the Right Time to Buy a Home?

Buying a home – especially if it’s your first home – is an important decision and it can be hard to know when the right time to buy is. Every buyer’s “right time” is different and unique to them, but there are times during the year when the market is easier to navigate, has better prices, or more homes are available to purchase.

Like many other markets, real estate is impacted by the seasons. We’ll be diving into what each season brings to the real estate market and how you can determine what the best time to buy a home is for you!

 

Home Buying During Winter

During the winter season, homes are typically at their cheapest. In the real estate world, winter is typically considered the “off-season” due to the holidays and cold weather. The winter season often brings with it lower inventory to couple the lower prices. Many sellers suspend their sales heading into the holidays and many buyers suspend their home search to avoid touring, and eventually moving, during the colder months. This can work to your advantage! While it is important to find the right home for you, if your list of home deal breakers is low, the lack of competition and low prices can work to your advantage. 

 

Home Buying During Spring

When looking during the springtime, you will likely run into a much more competitive market. Spring is a hot season for real estate due to the warmer weather, end of the school year, and pent-up demand coming out of the winter season. During spring you will encounter much more competition when looking for a home and may experience higher prices. Homes tend to show better in the spring: trees and flowers are in bloom leading to more attractive landscaping and sunny days mean a lot more light streaming in through windows. While prices will likely rise, there will typically be more available inventory, allowing for more options when looking for your dream home. If you are looking to buy in spring, be prepared to move quickly!

 

Home Buying During Summer

While not quite as busy as the spring season, summer maintains a lot of the competition that is set up during spring, but buyers can get lucky with a good deal if they’re willing to wait till the end of the season. Like spring, summer tends to have a lot of eager buyers who are ready to battle it out for a home they want. Because of the business of the season, if you need to buy and sell at the same time, summer can be a great season to do so! As August nears, sellers tend to lower prices. If you can time your sale in the peak season and your purchase toward the end of the season, you can end up getting top dollar for your current home and a great deal on your next one. 

 

Home Buying During Fall

If you are looking for the sweet spot when buying a home, fall can be the ticket. Many agents boast a lot of success for their clients during the fall season, finding great deals on good homes. During the fall season sellers tend to become more desperate to sell their home due to coming up at the end of the year, allowing for you to negotiate a better price. The fall season also brings about a decline in the number of active buyers. With school seasons resuming, many families looking to purchase a home tend to back off during this time, opting to wait until school is out again to resume their home search.

 

While seasonality plays an important role in the home buying process, there are other equally important factors you have to consider when determining what the best time to buy a house is.

 No matter what the season is, when looking to purchase a home, you need to evaluate the state of your credit and debt. It is essential to make sure your credit is in good shape and your debt is as low as it can be – or at least well under control! – before you attempt to purchase a home. 

Other key factors to consider when it comes to personal readiness are feeling secure in your employment and income, being ready to commit to living in a certain area, and your preparedness when it comes to handling the various costs associated with homeownership.

When buying a house, the timing of your purchase can feel like the most important thing. However, each season brings unique positive and negative factors, including available inventory, buyer competition and home prices. When it comes down to it, the best time to buy a house has to do with your own readiness, both financial and otherwise.

 

If you are looking to purchase a home and not sure of the right time, reach out to us! One of our top agents would be happy to help you decide when the right time is for you to purchase a home.

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