When purchasing a home, there are many factors that an individual should consider, and timing is no exception.
Like almost any other purchasable thing, homes have different prices and levels of demand during different times of the year. Knowing this can go a long way in helping individuals make a more informed decision on when is the right time for them to buy a home.
Below is a comprehensive guide on the best time to purchase a home.
Is the Summer Season the Best Time to Buy a Home
Summer is an excellent time to buy a home because fewer houses are out on sale.
Most sellers put up their homes for sale in Spring or Fall. So, those who didn’t get a chance to sell their house then take advantage of the Summer season. What’s more, many people go on holiday during Summer, meaning fewer individuals are looking for a home to purchase.
These situations increase the negotiating power because the demand for houses is relatively low. Therefore, sellers will be open to negotiating with the buyer about the price of the home.
Since sellers are willing to lower their prices, this may be an opportunity for an individualto save up for their down payment ahead of time instead of taking out a mortgage loan.
Summer is also the perfect time for individuals, especially school-going kids, to buy a home because schools are closed during this season. This allows them to focus entirely on moving, making it less hectic.
This is also an opportunity for potential homebuyers to bring their children on a house-hunting adventure. The kids can give their opinions about the homes on sale, making the whole experience more fun and inclusive.
Why Spring is the Best Time to Buy a Home
Typically, Spring is known to be the time when the inventory (houses on sale) is at an all-time high. This provides potential homebuyers with a wide range of options to choose from.
However, during Spring, there’s a high demand for homes. This automatically causes sellers to increase their prices. But, since an individual can easily get their dream home during this season, most people opt to take out a mortgage loan to help cover the high cost of the home they want to buy.
The only downside is that the mortgage loan application may take longer than usual because many people are applying to get funds to buy a home during this season. This may cause an individual to miss out on buying their dream house.
Spring is also warmer, making it the perfect time to move.
Why Fall Is the Best Time to Buy a Home
Like winter, there are fewer houses on sale during the fall season. And most of these houses on sale during the fall season have been on the market for quite some time now, so buyers are more willing to negotiate with buyers.
The demand for houses is also low during this season mainly because school is in session. Therefore, this may be the best time for flexible individuals to get a home at an affordable price.
Since the demand for homes is low during the fall season, moving companies and real estate agents have a lighter schedule, among other businesses involved in real estate.
This makes it easier for individuals to get services like professional assistance while moving. It also enables people to get them at affordable prices because the demand for their services is low.
Renovations are also affordable because many products, such as paint, are pretty affordable, especially towards the end of the fall season.
Why Winter Is the Best Time to Buy a Home
Many real estate experts advisable people against buying homes during winter. This is because of the unsuitable weather, making the moving process quite challenging.
However, this is the perfect time to buy a home, especially for individuals looking for affordable homes.
There are very few homes on sale during winter, and there is less demand for houses. This makes it the perfect opportunity for potential homebuyers to get a good home at an affordable price because sellers who’ve put up their homes for sale will be open to negotiating.
Another overlooked benefit of purchasing a home during winter is that it allows the buyer to see the house for what it really is.
During Summer, Spring, and even Fall, many homes are at their best because of the weather conditions. This doesn’t allow buyers to see how homes on sale can hold up during winter.
However, during the Winter season, individuals get to explore homes on sale and see how they hold up. They’ll have the opportunity to see how cold the rooms get, check the roofs for ice dams, and see how clear the roads that lead to the house during winter.
This will help them make a more informed decision on whether or not they should buy a particular home.
While each season has its perks and downsides when buying a house, the decision comes to the buyer. Therefore, individuals should buy a home only when they’re ready.