When it comes to an individual’s favorite time of year, some prefer fall or spring, while others gravitate towards warm Summer days. Deciding when to purchase a home might also fall under some personal preferences. The best time to buy a home might seem subjective, but there are actually several factors that go into deciding when you might consider buying a new home. Keep in mind though, there is no actual best month to buy a home, markets change from zip code to zip code. Hopefully this article can give you a little more insight when it comes to dialing down what time of the year you’ll be purchasing your home.
January – March.
There are pros and cons to buying during these months. Not a lot of people are looking for homes. This is good, there’s a better chance to win any bidding war simply due to the lack of competition. The bad news is far less homes are typically on the market. Hopefully you can find that ideal home during this time.
April – June
For most markets, this can be the best time to buy a home. The transition into warmer weather means open houses are a lot more enjoyable, and typically parents selling homes want to move during summer when their kids aren’t in school. But at the same time this is when the most amount of buyers will come out of the woodwork looking for houses alongside you. The competition will greatly increase. Bidding wars are a lot more common when more and more people are looking for homes at this time. Also more often than not, you might see a lot more homes with higher prices than normal due to the overall demand.
July – September
It’s a little warmer now, and not as many people are looking for houses, so your competition isn’t as high. Housing prices are also starting to return back to normal, so that’s another plus for you. Since it’s also the sunniest time of the year for a lot of regions, this means you’ll see sellers improving their curb appeal in order to increase the overall value of the home. This is great if you’re interested in the well being of your future home’s outdoor space. Additionally with the hot weather, this is a great opportunity to see how well the central air works in a home you’re looking to potentially buy.
October – December
There aren’t going to be as many homes available during this time, but chances are the homes that are available might have a reduced price if they’ve been on the market since spring. Ideally you’d like to see the yard greener than ever and have a chance to really test the central air, but it’s never a bad thing to purchase a home at a reduced price.
It seems like Spring and Summer are the winners for the best time to buy a home, but the circumstances can be different in any region. Though deciding when to start looking for a home can be complicated, luckily you can reach out to our home loan experts with any questions regarding the ideal time to purchase a home.