When Is the Best Time to Buy a House? 5 Signs It’s Time to Buy
When it comes to buying a new property, there is a lot to think about and plan. It is one of the biggest financial transactions you could ever make.
One question you need to ask yourself is what is the best time to buy a house. That answer is…it depends.
Keep reading to learn about the pros and cons of buying a house during each season and decide what’s best for you!
January to March: Less Competition
Most people think of winter as the worst time of the year to look for a new house, which means that most people choose not to do it during these months.
However, the reality is that you can still find amazing places from January to March and since this isn’t a popular time of the year for house hunting, there won’t be many other people interested in your perfect home.
This is great news because, obviously, your chances of getting the house will be much higher, but also because you’ll most likely not have to be involved in a bidding war, and you’ll be able to find the lowest prices of the year.
April to June: More Choices
Spring is the peak season for home buying, which comes with its pros and cons.
On one hand, you’ll find much more competition than during other seasons, and getting the house of your dreams will become a slightly more challenging task. Consequently, there’s a much higher chance of a bidding war and you’ll quickly notice that properties aren’t as affordable as in other months.
However, from April to June, you’ll find a lot more houses available for sale and, as the weather starts to improve, going to open houses becomes much more pleasant.
July to September: Better House Viewings
If the spring house-hunting craze is too intense for you, waiting for summer to come might be a good idea, as it is when prices start to drop again.
The biggest perk of buying a house during summer is that the weather is great, so house viewings are a lot more enjoyable.
This is also the right time to buy if you’re interested in a house that needs indoor remodeling.
Additionally, from July to September, you can test the air conditioning system in the house, which is very important if you’re moving somewhere where temperatures get quite high, and which you typically can’t do during the rest of the year.
October to December: Best Prices
If you’re on a tight budget, winter is the perfect time for you to buy a property.
While you won’t find as many different houses available in the market, this is when sellers who weren’t able to sell their place during peak season realize that they should reduce the prices if they do want to find a buyer.
Plus, since a lot of people who were house hunting found their ideal place during spring, you won’t find much competition from October to December.
26 of December: The Best Day of the Year to Buy a House
According to ATTOM Data Solutions, a real estate database company, on December 26 buyers can get an average discount of 1.3% below market value. If you want to purchase a house on the best possible day, this is it!
Choosing the Best Time to Buy a House
No matter which season you choose to buy your house, you’ll find benefits and drawbacks. So, all you need to do is decide what you value the most. Such as the prices, the competition, the number of choices… you get the drill.
Once you decide which is the best time to buy a house for yourself, don’t hesitate to get in touch with us!