When is the Best Time to Buy a House?
When is the best time of the year to buy a house?
If you’re wondering when the best time to buy a house is, well, that’s a simple question to answer. It depends on your own timing and the availability of homes in the market.
You’ll typically have less competition from other buyers in the market during the fall and winter months and potentially get a better deal when making an offer on a home because there are fewer buyers competing over the same properties. Therefore, you may be able to get a home for a lower price and you may also be able to get away without having to put up as much due diligence or earnest money, which can be much less daunting. The downside to searching for homes in the later months of the year is that you have less inventory to choose which could lead to your possibly settling on a home that doesn’t necessarily check as many boxes for you.
In the spring and summer months, you’ll see more inventory on the market but you’ll also run into more buyers competing over the same properties. This is a great time of year to buy a home because you typically have more to choose from but again, you may find yourself competing against more buyers for the same property leading to possible multiple-offer situations and having to put more skin in the game in order to win an offer.
At the end of the day, my suggestion to you would be to focus on when the timing is right for you and your family from a logistical and emotional perspective (job move, life circumstances, etc) rather than trying to time the market hoping you’ll get a better deal on a home. Also, make sure you have a great buyer's agent representing you so that when the right home does show up you’re in a better position to have your offer accepted and end up with the right home.
I hope this helps. If you’re considering a move, it’s never too early to reach out to a professional to discuss the possibilities and explore your options. We’re always happy to have a friendly discussion with you about the area, the real estate market, and your wants and needs.