The “Perfect” Time to Buy a House
We all know that there is no “perfect” tine to buy a home. Having said that if you understand your needs and the state of the market, you may be able to time your purchase to your advantage. Lets take a look at the different seasons, and the possible buying scenarios.
Spring Home-Buying Season
Both the spring and summer months tend to be a seller’s market. Spring in particular is usually a hot selling season as the winter months usually see less listings as sellers wait for the Spring.. Additionally, Spring with its warmer weather often excites home buyers to start their house hunt. Additionally the budding flowers and trees makes homes much more attractive and many times sellers they can use nature to get more money for their home.
Remember as a homebuyer, you’ll need to have a strong offer at the ready as we are still in a competitive market. Many sellers won’t even consider an offer unless you have a pre-approval letter from a trustworthy lender. Even then, you may find yourself in a bidding war due to higher demand.
Summer Home-Buying Season
The summer months are a continuation of the spring. You can usually expect a larger number of homes for sale, though they’ll also face strong competition with others looking to buy a home between June and August.
Sometimes there’s an upside to buying a home during the summer. Many of the homes may have been sitting unsold from the Spring market and sellers may be eager to close on their homes before September rolls around and the school year begins. Therefore, if you can wait until August, you may be able to find a motivated seller who is willing to offer you a reduced sales price.
Fall Home-Buying Season
Many experts theorize that Fall is the best season for home buyers.Once summer ends, sellers can be motivated to sell their homes, especially if they want to use them as a tax write-offs before the end of the year.
When is the best time to buy a home during the fall? Data from the NAR shows that in 2021, housing prices dropped from $361,500 in August to $355,100 in September. This makes September your optimal choice, though prices only increase by a few hundred dollars during October and November.
Winter Home-Buying Season
Winter can be an unusual time to buy a home, especially since the calendar year changes in January.
On the one hand, many sellers suspend their listings between Thanksgiving and the New Year, believing that buyers are too scarce. But the sellers who continue to list may be particularly motivated to sell their homes prior to January, which may give you an edge. I would also add that you will only see very serious buyer during the Winter so in my mind sellers would do well to keep their homes listed during the Winter season.