Buy a House
The Best and Worst Times of Year to Buy a House

When & When NOT to Buy a House

You’ve got money in your savings account for emergencies, your down payment is ready to go, you’re debt-free or close to it, and your credit score is high. With everything aligned, you may be ready to start the preapproval process to obtain a mortgage loan, but is now really the right time?

The steps to buy a house are many and one of them includes timing your purchase right if you hope to get the best deal and the home you really want. That’s because the ability to purchase isn’t just affected by your personal financial situation, but the real estate market. The month, season, or even day of the year can make a big difference when it comes to multiple aspects of the home buying process, including inventory and the total you’ll pay at closing. 

The Worst Season

In addition to the specific time of year, the region you’re looking in makes a difference too. According to a National Association of Realtors (NAR) blog, the Northeast and Midwest are particularly busy when it comes to home seasons during the peak summer season.

This is when the kids are out of school so many are hoping to make a move before the next school year starts, among other reasons like warmer weather for moving furniture and the like. In the Northeast, data found that sales in the slow season were half of what they were in the peak season. If you are going to move to new house, check weather condition before moving. Hire movers in Henrico VA for safe and secure shifting of all your stuff.

Understanding the benefits and drawbacks of buying a property at various periods – and deciding when it’s best for you – is key to determining the optimal moment to become a homeowner, find real estate in Fenton MO!

What this means is that between June and August, you may have more choices when it comes to properties that are available but you’ll have a lot more competition too. Sellers are unlikely to want to do much in the way of negotiating, which can mean paying a higher price.

The Best Season

Winter and especially time around the Christmas holidays tend to be the best time to buy a home at a bargain price. Usually, sellers who are willing to show their home during this period which can disrupt celebrations, are eager to negotiate in order to sell.

If you’re negotiating with a seller who needs to move quickly due to a job relocation or other life event, you’ll have the upper hand. They will also be more likely to take lower offers seriously and know that potential buyers willing to brave the elements are probably more committed to actually purchasing rather than being just lookie-loos.

The Worst Month

While all may not be in agreement as to when the worst month to buy is, many real estate experts name April. With the sun shining more frequently and temperatures rising, it tends to create a home-buying frenzy.

Many will be out touring homes now which means a lot of competition. Sellers who had their homes on the market during the fall may have taken them off during the winter and then put them back in early spring, with colorful flowers and leafy trees helping to showcase the beauty of the property.

As a result, competition can be grueling, which means you’ll have to put in a higher offer if you hope to get the keys.

The Best Month

While the best month is a bit harder to pinpoint, January is a great time as many people are just wrapping things up from the holidays and the weather tends to be the coldest of the year, so there will be fewer buyers to compete with.

For those who want the “sweet spot” between the peak buying season and winter, September can be a good month as there is usually still plenty of inventory but the market has cooled off, allowing for more negotiation and a better price.