Buying a new home can be both an exciting and stressful time. You’re looking forward to your new life, but don’t want to break the bank to get there. It can be difficult to navigate the housing market, and you may not find your dream home as easily as you’d predicted.
Going house hunting at the right time can have a big impact on this. There are certain periods of the year that are more conducive to buying a house, and thus can make your experience better. You can find sizable savings and keep money in your pocket.
There are huge benefits to looking into the timing of your local housing market. Read on, and we’ll walk you through how to find the best time of year to buy a house.
The Best Time to Buy a House in the U.S.
Local markets often impact the best time to buy a home. But in general, there are certain trends across the country that suggest that some seasons are better to buy in than others.
Typically, it’s best to try and buy a home in the autumn or winter months. Why? Competition tends to dwindle down.
The summer season can be quite busy in the housing market, with many homes going on sale and tons of people looking to buy.
But towards the end of the year, things shift. Buyers and sellers become distracted with the end of the year business, such as the holidays. The cold weather quiets everything down, and the days get shorter.
The housing market becomes less competitive as a result.
Prices for homes are often lower in the winter as well. By the time January rolls around, houses have usually been on the market for about three months. They’ve stayed on the market through the quiet holidays and the New Year.
When January arrives, these sellers will be much more likely to take a deal for their home as opposed to the full asking price. This is much less likely to happen in the summer, where full-price buyers are more likely to be lined up behind you.
Even if you can’t wait until the dead of winter, it can be hugely beneficial to wait until the summer season is over if you want to get a great deal on a home.
When to Start Looking at Homes
Depending on your particular situation, you may want to start your house hunt at a specific time. It’s best to come up with a house-hunting plan for your family prior to getting started.
First-time homebuyers will need to take extra time to look at their finances and set financial goals. If you are on a tight budget, it’s best to start looking at homes in the fall and plan to close on one of the still-available homes in January as previously discussed.
If the budget isn’t your main focus, winter might not be the right season for you to look. For example, if you’re looking to upgrade to a specific neighborhood or type of home, it might be better to start looking in the summer.
The summer will have a larger amount of homes on the market, which means you’ll have a better chance of finding one with the specifications you desire. You’ll be less likely to get a great deal during this time. But if your budget is no big concern, this might not matter to you.
In this way, the best time to go house hunting will depend on what you’re looking for in a new home.
Conduct Your Own Local Research
As much as a general overview of the market can be helpful, it’s essential to do research on a more local level. Local real estate markets can vary from place to place. The best time to buy a home in your town could be different than the national trends.
For example, what if you live in a place like Florida, where people escape to during the winter? There’s a chance that the housing market can get busy here far earlier than it does in the rest of the country.
Homes located in year-round mild temperatures might also not fit with national trends. A lack of seasonal change is more likely to produce consistent conditions that last year-round.
Prices can also vary greatly by circumstance. Areas of the country might be priced differently due to an economic downturn or due to a new business moving to town. When Amazon announced they’d be setting up shop in Seattle, the housing market changed rapidly.
Such big changes may cause such significant differences in the housing market that national trends become totally irrelevant. It’s best to speak with a local realtor or housing experts about trends in your area.
Mastering the housing market can require a lot of research and hard work. Understanding pricing trends in your area can greatly increase the odds of finding a home you love at a price you adore.
The Best Time of Year to Buy a House
If there’s a move on your horizon, knowing the best time of year to buy a house can help you decide the best time.
Understanding local housing market trends can help you to achieve your goals in purchasing a new home. Whether that be the perfect neighborhood or the right price, a little knowledge can go a long way.
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