Deciding On Best Time For A Home Purchase:
By: Ian Golightly MBA, Realtor
If you’re in a great position to where you have a down payment ready, Your credit score is superb, you have us in mind to help you with a home purchase, and you are about to lock down on a new low-interest home mortgage, but all of a sudden you’re unsure if this is the right time. There are thousands of people in the same shoes you are currently in, so don’t feel like you are the only one.
The uneasy feelings are critical to have because the decisions that you make are not only affected by your financial circumstances; the real estate marketplace also determines it. Different seasons also impact the real estate marketplace and even neighborhoods, so for this very reason, you should contact us to help you navigate through everything.
In general, the best time for a home purchase is around late summer and into the early fall. The highest transaction rate for home purchases is peaked typically in the Fall and early Summer season. There is usually a massive decline in home purchases in the Winter, which is generally suitable for the buyer to have more negotiation power.
Best Time For A Home Purchase:
The real estate market is unique. Historically, home buying and selling experience seasonality, and you’ll see an influx between buyers and sellers. You’ll see many homes being on sale in the summer because kids between school years won’t be affected versus being in the middle of the school semester. With the weather being nicer, it is more appealing to browse for properties instead of putting on those bulky snow boots to look at properties.
Keep in mind; there can be strategic reasons to buy in the winter season as well. We are more than happy to help you with that strategy.
Shop In The Spring and Summer For More Choices:
The housing market is active during the warmer months that you will find more homes to choose from in the home seller marketplace. However, competition is high during these peak months, so don’t be surprised if you find yourself in a bidding war with the property that you fall in love with.
The most common areas where you may find some competitive bidding wars are high-demand neighborhoods, high-end neighborhoods, and downtown areas.
Shop The Winter Season For More Voting Power:
Historically the winter season is when the inventory of houses for sale is slim. The upside to that is that you may be left with some leverage for cost-saving opportunities for some savvy home shopping.
One of these reasons is fewer home shoppers are looking to buy homes in the cold season that results in less competition. In some instances, you may find a home seller that’s pressed for time because they are relocating for a job. If the buyer has a specific deadline to move away, you may have an opportunity to bargain down to a great price.
The strategy may help in areas that see actual weather fluctuations during these seasons and not like Arizona, where the heat is constant.
When Is A Good Time To Buy A house Then?
If you have access to a great mortgage officer and your financial situation is excellent, then those are two significant considerations that need to be in your favor. Overall, you want to make sure you can handle the financial responsibility of owning the home you want, and you are comfortable enough with the current economic market situation.
If you are considering buying a home for the first time or thinking about selling your current home, contact us, and we’ll make sure we ease the emotional roller coaster. On top of that, we can help you get pre-approved if you haven’t taken that step.