Buying a home is a process that is better completed with good timing. But as you may have guessed, timing it at the right moment isn’t always possible. So regardless of when the housing market is in favor for buyers it’s important to always remember the only right time to buy a house is when the timing is right for you.
But if time is in your favor and you’re in no hurry to buy a house right now, here’s when the best time to purchase is.
If you’re looking for numerous choices, the best time to shop is in the spring. Spring months are when the most homes are listed throughout the year. But depending on the features you are looking for in a home, you may run into bidding wars because as more houses pop up on the market so do the buyers.
Late Summer or Early Fall
During this time, it’s common to continue seeing a high inventory in houses. While each year is different in relation to the overall housing market, most sellers are looking to sell their home after summer is over with hopes of selling before winter hits.
Around the time November comes you can expect to see lower prices throughout the housing market. This is typically due to the homes that were listed during late summer but never sold. Therefore causing a drop in price for motivated sellers looking to negotiate.
Budgeted buyers will have better luck with lower prices however, the amount of inventory may be slimmer.
The winter months are great for buyers looking for a deal. While your options are more limited due to the amount of listings decreasing, your chances of saving some money happen most at this time. You’ll always be less likely to have competition with other home buyers as the housing market practically goes into hibernation mode, too.
Buy a Home When Your Timing is Right
While the above tips are useful for certain time periods that see a rise in inventory or a decrease in price, truly the main factor you should be considering is if the timing is right for you. Purchasing a home before you are financially stable can be a tricky move. Ensuring that you are ready for this commitment both mentally and financially is important if you want to be a successful homeowner.
If you believe you are ready to take the next steps to buy a house, speak with a real estate agent today to start your house-hunting journey.