Have you taken the decision to buy a house? You are probably looking forward to moving to your new home, but don’t make a hasty decision and close the deal before considering the most important real estate issues and trends.
One of the most common questions that potential buyers have in mind is “When is the best time to buy a home?” We hope you’ll find your answer below. If you still have questions, click here to get in touch with us.
When is The Best Time to Buy a Home
Spring – a peak time in real estate
A common view is that the best offers are available in the spring, and most of us have noticed how For Sale signs multiply starting with March. Nevertheless, the competition is tough at that time of the year and there will always be someone willing to pay a higher price.
An exception is Easter Sunday, when the competition is very low, in case you can find someone who works on that day. And chances are there will be an agent willing to get a nice commission instead of celebrating Easter.
When is spring a good time for home buyers?
Even if spring is not the best time to buy a home, you may want to take a look at properties available at that time because there are multiple choices on the real estate market.
If you are looking for your dream home or you care a lot about specific features, it’s a good idea to make a transaction when more homes are available for sale.
Holidays are a good time to buy a home, and Christmas is actually one of the best periods for closing the deal. There are multiple factors that make Christmas a suitable moment: people are in a good mood at this time of the year, prices are at their lowest point in December, the competition is lower those days, and property owners are more inclined to accept a lower price due to the generosity everyone feels during winter holidays.
January – pros and cons
Making an offer in January is also a good idea, because sellers feel financially insecure at that time of the year and their decision to list the house off-season suggests they are looking forward to selling the property, even if they won’t get the best possible price.
Nevertheless, there is a major disadvantage when it comes to buying a home in the winter. Bad weather can make it difficult to move around and snow can hide some major flaws in a property. You’ll never know what the house looks like until the snow melts, and in spring you may have a big, unpleasant surprise. Not to mention you may be too busy with season activities and obligations to engage in property hunting.
Off-season – is it a good idea?
It seems like buying a house off-season is a good idea because you’ll get a cheaper price and you’ll avoid bidding wars, but a potential disadvantage is that the property might have been rejected by the market earlier because of a serious issue. There is an encouraging alternative, though – the house may be on the market because of an urgent event, like a job change or a death in the family.
What about the best day of the month?
Real estate agents consider the first Tuesday of the month the best time to make an offer. The beginning of the month is a good time because oftentimes the home owner just wrote a mortgage check for a property he wants to get rid of, and he or she hopes it will be the last one. As for the time of the week, choose Tuesday because this is the day when sellers are afraid they won’t get any offer from the potential buyers who visited the house the previous weekend.
No matter what time of the year it is, make sure you check the property’s history and find out for how long it has been available. Also check property prices for several months in a row before making a decision, unless you have an emergency. A reliable real estate agent can help you discern beyond appearances and decide whether a property is a good option for you or not.