What is the best time to buy a house?


You might have wondered whether the time of the year/season matters when purchasing a home. To give you a short answer: both yes and no. Generally, factors such as inventory (the number of available homes) and purchase price are affected by the season. There is a lot of inventory during spring, but the competition between buyers can cause the price to rise. While winter may see home prices lower than in other seasons, inventory is usually limited, and moving in may be a challenge depending on the weather. 

It isn't always the best time to purchase a home when inventory is at its peak or prices are at their lowest. Those factors are important, but your personal preferences and the broader market conditions are also important to consider. In this post, we will examine how the season affects home buying which will help you determine the best time of year to purchase a home. 

  • Spring


Spring is when the real estate market is in full bloom. Due to the pleasant, warm weather and it being the end of the school year, people are looking out to buy their forever homes, and sellers are ready to sell more. This results in a healthy marketplace which can be both bad and good if you're looking to make a purchase. You'll get a lot of choices but that comes with added competition, A bidding war may ensue. 

The reason why buyers and sellers are out in large numbers this season is that houses look better. Nature is blooming. The grass is greener and homes tend to look more appealing under the glow of the spring sun with all the flowers blooming around. Pent-up demand also finds a release in the spring. People who've been biding their time during the winters because of the cold, step out to finally make a purchase. So, sellers price houses high-up during this season. Although home prices are high, buying in the spring is a popular choice for a number of reasons. Before a new school year begins, families want to settle in, and there is more time to look for a home together. Plus, the weather makes it a more enjoyable experience. If you want to buy a house in the spring, make sure you prepare accordingly. 

  • Winter


Winters tend to be the cheapest time of the year to get a house. From Thanksgiving through the New Year, most people suspend their listings because they assume buyers are scarce. Listings at that time are generally made by sellers who want to sell as soon as possible. Often, they will even throw in extras such as window treatments and appliances. Low purchase prices are not the only savings. Agents are more willing to negotiate closing costs and commissions during slow periods as they want to make sales. During the winter, however, prices are cheaper, but inventories are much smaller. A limited number of homes may make finding your dream house harder. Plus, house-hunting in the cold may prove to be difficult. You may not be able to inspect the roof properly in the snow or test out the AC. The closing process will be speedier though and it will be much easier to get hold of agents. 

  • Summer

While summer remains a busy buying season, you can still find a great deal if you wait until the end of the season. In the early part of the season, there are plenty of buyers ready for battle. Just like spring, be ready to make quick decisions. Expect a strong offer, not only on price. Ideally, sellers want buyers who are serious and can close the deal. Now is the perfect time to sell your home and buy a new one. Because many buyers are on the hunt, there's a better chance of timing your sale and purchase together. 

 A summer purchase has pros and cons, but it's important to time it right. Deals abound at the end of the summer if you can hold off until then.

  • Fall


Other than winters, fall is an ideal time to get home if you're strapped for cash. Sellers are more willing to sell when summers end so they price homes lower. There will be less inventory just like in the winters but the chances of getting a good deal are pretty good. There are also fewer buyers out there who will be competing with you. Real estate agents will also give you more time and attention as they have fewer customers to cater to.

Wrapping up

A house purchase is a major commitment, and timing is vital. When it comes to buying a home, each season brings its own set of positives and negatives, including competition, inventory, and prices. In the end, however, the best time to buy a house - and get a mortgage - depends on your financial situation and your willingness to make a purchase. If you’re ready to make a purchase or consider getting a home, reach out to Timberstone Homes. We have experienced realtors in Lafayette, Indiana offering homes for sale. Our team will be there to assist you at every step of the process to ensure you get a home that you are happy with. To learn more about our services, call us at (765) 412-8827 or visit our website.

 

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