One of the most exciting and significant investments you will make in your lifetime is purchasing a home.
Many first-time home buyers are unaware that certain times of the year are better for purchasing homes, and this will depend on your ultimate goal. If you are in the market to purchase a home but would like to have a broader selection to choose from, then certain times of the year are more appropriate to buy a home.
However, if your goal is to purchase a home at a reduced price, you may need to look at other times of the year. But, when exactly are these times, and how do they affect the price of a home?
When to buy a house
Certain seasons of the year may affect inventory. And, if the demand in an area is high, but the inventory is low, the prices may skyrocket. On the other hand, if the inventory is low and the demand is low, the prices may also be low.
During spring and summer, there is usually an abundance of inventory. Conversely, many more buyers in the market are also looking to secure a sweet deal. The more buyers there are, the higher the prices are for homes. Furthermore, inventory may be low during the winter and fall. There may also be fewer buyers. In addition, the ability to move into a new home may be challenged by certain weather conditions, especially if you live in an area that experiences extreme weather during the winter.
Keep in mind that other market conditions may affect the overall price of a home, such as the interest rates, the overall value of the home, the area, and its location to amenities such as schools, malls, and work.
The best time of year to buy a house
If you plan to save money, then winter may be a better option. However, you may not necessarily be saving time. Sellers are usually motivated to sell fast and throw in perks to get the sale through as fast as possible. In addition, sellers may be more willing to drop prices to finalize a sale. However, you may have to wait to view a home as colder weather may delay viewing times and frequency.
On the other hand, if money is not an option for you, then summer and spring may be better times to consider buying a home. More homes are being listed on the market during these months, so the inventory is much larger. You’ll also be able to view more homes and see the true curb appeal as flowers and plants are in full bloom. However, you may end up going into a bidding war for a house as others may want the property as much as you do, thus driving up the price.
Another pro of purchasing a home in the summer or spring is that you won’t be disrupting the school year if you have kids and you need to move in.
Of course, other market factors may affect the price of a home, thus affecting the best time to purchase. If you are clear about your goals and realistic about your price range, then you should be able to determine which time of the year is best for you to purchase a home.