If you're looking to buy a home, there are many factors to consider. It can be overwhelming, from the type of neighborhood you want to live in to what amenities are important to you, to how much money you have for a down payment.
In today's article, we'll discuss the best time of year to buy a home and what kind of trends we've seen over the years. We'll also walk through some common misconceptions about buying a house that you may not know about.
The best time of year to buy is...
The best time of year to buy is when it's least expensive! Homes generally tend to be more affordable in spring than in fall or winter. This may seem counterintuitive because sellers generally want their homes sold as quickly as possible, and buyers want them purchased as late as possible (and they pay top dollar!). But if you're going to wait until springtime anyway — or even summertime — why not get paid more?
The main reason is that sellers don't want their homes on the market for very long because they'll lose out on potential buyers who come into the market later down the road when prices have fallen further, and inventory has increased.
Best Time of the Year According to the Season
Winter:
The winter months are normally the best time to buy a house. This is because not many people are buying homes during this time, as they are focused on their holiday homes or moving into newly built houses. The selection process will be much simpler. You can see the homes without being distracted by other buyers and agents.
Spring:
Spring is a great time for both buyers and sellers. Buyers will have more choice, as more properties are available than in the summer. The prices of properties are also likely to go up during this period, so it makes sense to buy while they're still affordable. The good news for sellers is that it is easier to sell their property during spring when people are considering moving house because of weather conditions, holidays, and school breaks.
Summer
Summer is a good time to buy because buyers are eager to move into their new homes and don't want to wait until fall. This means sellers can get top dollar for their properties without having them sit on the market too long.
Fall
Fall can be a good time for buyers if no major holidays are coming up and both parties are ready for closing. But it also means that houses tend not to sell right away, and there isn't as much competition from other buyers as during the spring or summer months.
In The End…
In the end, it comes down to you and your family. Is housing a major factor in what part of the country you want to live in? In that case, you may want to wait until you find an optimal area to purchase. On the other hand, do you find yourself easily swayed by low-interest rates? Then waiting is probably not in your best financial interest. The truth is, there are balancing factors involved in purchasing a house that you can't ignore—and one of them is when you decide to buy.
Posted by Jag Sidhu PREC* on
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