When Should You Buy A House?
You have your down payment all saved up and ready to go, you’ve got your credit report in good shape, you’ve found a real estate agent that you like and trust, and your have a mortgage application in good shape. Despite all this preparation, you may find yourself wondering, is now the best time for you to buy a house?
The right time to buy a house is an important question. Your ability to buy a house that you love at the right price isn’t just affected by your own finances. It’s also affected by the real estate market in general, which is impacted by lots of different factors. It can be even more challenging to buy a house if you have particular needs to cater for, such as if you’re worried about how to buy a home when you are disabled.
The season, month, and even the day that you buy a house can make a difference to a lot of parts of the already complicated process of buying a home, including the amount of choice of properties that you have and the price that you end up paying for it.
Best Time Of Year
Real estate markets are more seasonal than you might have guessed them to be, which means there are ups and downs in the market during the year.
Summer is most commonly the busiest time for the house buying market, where during the winter the market tends to slow down a little bit. When you think about it, this does actually make some sense. In the Summer, any children will be in between their school years and off school for the summer holidays, so moving won’t disrupt them as much. They won’t need time off school for moving and can start the new school at their new school if they do have to change schools. The weather is also usually better and more reliable during the Summer, so moving is easier without having to worry about your belongings being damaged by rain as they’re being unloaded from the moving van and carried into the house. Not to mention when viewing the house, seeing the natural light in your home can be a highly encouraging aspect and a great selling point.
Spring and Summer
The market for houses is usually more active in the spring and summer, so you will have more choices of houses to look at. However, there will also be plenty of other buyers also looking for a new home at this time of year, so competition is higher.
If you’re looking for properties in more popular areas or that have some very sought-after features, then expect there to be a lot of competition to get the house that you want. High-end neighborhoods and downtown areas usually have the most competition. Spend some time doing a bit of research to see if there is are areas that are less popular, but still have the features that you want, such as good schools nearby. This can help you to get more for your money in an area where demand is not quite as high.
Winter
There are fewer homes put on the market during the winter in most years, but the homes that are being sold often offer more potential cost-saving opportunities if you’re smart about buying your home.
Shopping for a home in the winter can be ideal for two main reasons.
There are fewer people who also looking for a new home, so you will have less competition for the property you want to buy. There won’t be as many other potential buyers pushing up the price, and sellers know that there their house will attract fewer interested buyers during the winter. This means that they may be more open to accepting a lower offer from you or adding something else to the sale, like a more generous contingency period. So it’s a good idea to at least get online and see the homes for sale. The quicker you scope out the market, and let’s not forget this is a buyer’s market we’re talking about, the easier it’s going to be to close on a property.
Buyers who choose to sell a property during the winter are also more likely to be more driven sellers, so they will be more likely to accept your offer and move out in a timely manner, so you can get the sale completed and move in much sooner. This because people who sell in Winter usually need to, for example, in order to start a new job, so will be more likely to keep things moving at a faster pace for their own needs.
Most people don’t sell in winter unless they have to, so you have the upper hand when it comes to negotiation.
The best time to buy will depend on your local real estate market and your own goals for buying a house. Do your research, and check prices and property availability throughout the year.
