If you are saving to buy a home and wondering when you should actually start to look for a house, you’ve come to the right place for advice.
3 Perfect Times of the Year to Buy a Home
Spring – Best Options
Spring, more specifically late spring, is the best time to buy a house for one very specific reason – more options.
Most of the sellers list their houses for sale in spring. So, the abundance of listings allow you to choose the one you like. Approximately 1.5 million homes enter the selling market during the April-June period. Comparing it to the numbers from the other months, it’s clear that both sellers and buyers are more likely to close the deal in Spring.
Also, if you have a specific image of your ideal house in mind, this is the best time to look. Since there are many options, chances are, you’re going to find the home with everything you are looking for.
Fall – Best Value
But if you are not picky about the house and want to save as much money as possible, late fall, especially November, is the time to swoop in.
During winter, sales are slow and only available listings are the ones that sellers couldn’t sell or from desperate sellers who just want to turn the real estate into cash. In both cases, you get the best value for money because even they know that sellers are very hard to come by at this time.
The picture seems more apparent when you look at the stats. At only 15.3%, November has the lowest percentile when it comes to sales above seller’s asking price. Comparing it to the 26% of the first quarter of the year, it’s a no-brainer.
However, as mentioned, there are fewer listings, meaning your options will be limited. So, if you have a specific image of the house in mind, you might not find one that matches.
Summer – Better Options & Better Deals
As for buying in summer, it is hands down the wisest and most balanced option. You still get some good options that have been listed in spring and since the buyers and sellers number starts to decline at this time around, you are more likely to get a better deal.
Besides, on the older listings, sellers tend to lower their expectations and demand, which is why August has the highest percentage of price reductions.
In some states, sellers wait for summer to list, which is why in many states, the number of listing in summer is actually higher than in fall, making it the best time to buy a house whether you just want to grab a property or looking for a dream house that your family will call “home”.
Wrapping Up
Summer and fall are clearly the best time to buy a house. But winter gives people who are looking to save some money and aren’t bothered with every little thing about a place a golden opportunity to buy real estate, which he can later flip in the summer or fall for a profit.
