When is the best time of year to buy a home? The short answer is: it depends. Here are a few things to consider.
Is Summer the Best Time to Buy a Home?
Have you ever noticed how many For Sale signs pop up in the summertime? It’s by far the most popular time for people to move. Kids are out of school so parents don’t need to worry about moving their kids around in the middle of the school year.
The biggest benefit to moving in the summer is the number of homes on the market. Because so many people like to move during this time, there is no shortage of options. You can be pretty specific with what you’re looking for and still expect to find it.
- Really want a ranch house on a cul-de-sac in a certain area? You can probably find it.
- Need a two story house with a pool in a quiet part of town? No problem.
- Want a huge house in the middle of nowhere? Again, summer is the time to look.
For many people, this is the most appealing, important thing. They know what they want in a home and buying in the summer improves your chances of getting it.
…kind of. There is a caveat, which is you have a lot more competition. There are thousands and thousands of other homebuyers, so you may find yourself outbid time and time again.
Is the Winter the Best Time to Buy a House?
How many For Sale signs do you see in the winter? Not many. The kids’ school year is in full swing, so parents are hesitant to move. The market is very slow, as there aren’t a lot of buyers out there. The holidays just ended so people are still recovering and getting “back to normal.”
All of those factors can actually work in your favor. The winter tends to be a buyer’s market, meaning you can get a better deal on your home. You have the negotiating power, not the seller.
Here’s why buyers have additional power in the winter:
- People selling their homes this time of year are doing it for a reason. Maybe one partner took a new job. They’re motivated to sell.
- There aren’t a lot of buyers. Fewer people will be looking at the homes, so the seller will be excited to get someone to even come take a look. An offer makes them ecstatic.
That means you can usually come in a bit lower than asking price and still be competitive. And since the seller may have already lowered the price if it hadn’t sold for a while, you can walk away with a great deal.
The downside? You won’t have as many options to choose from as you would in the summer.
Is August or September the Best Time to Buy a House?
This time of year can actually be the best of both worlds. There are still a good number of homes on the market, so you have options. But you can also get a good deal because there are fewer other homebuyers. Plus, sellers may have lowered their price after going all summer without selling.
Is it guaranteed you’ll have a lot of options or get a great deal this time of year? No. But for some, it’s a better choice than waiting – especially in our current environment of low interest rates. Have any other questions on the best time of year to buy a home? Reach out to one of our Art of Homeownership Mortgage Professionals today!