Friday August 2, 2019
If you're considering buying a home, you already know that the market can be a bit tricky.
So when it comes to your next home purchase, when is the best time of year to buy a house? While there's really no definitive answer, there are certain times of the year that might be better than others.
Read on to learn more about the ideal time of year you should start house shopping.
Consider the Season
You might be surprised to learn that January through March is some of the busiest months of the year for buyers and sellers. Many people wait until the new year begins to start their home shopping excursion.
During the warm spring months of April through May, the inventory might be reduced. This is typical because both sellers and buyers are in full swing of their everyday life, and they're likely gearing up for summer vacation.
And as for summer, you may see an increase in more homes for sale due to school being out. Many parents choose to wait for their children to be out of school before they list their home.
As the summer transitions from August into December, home sales start to increase again. While it all depends on your local market, it's usually because builders are lowering prices, ready to sell off older inventory.
There really is no magic formula when it comes to buying a home throughout the year, so pay close attention to how your specific market behaves. As a good rule of thumb, you can expect to see more promotions and incentives around January, while prices and negotiations may be better during June.
Consider your Financials for the Best Time of Year to Buy a House
Regardless of the weather, the best time of year to buy a house really hinges on your personal financial situation. If you have enough money saved for a down payment, you're likely ready to buy.
Consider other factors like your credit score and your current total debt, as well as your income. All these items come into play when determining if buying a home is right for you. Each market is different, so you might notice inventory going up in one area while it decreases in another. Don't let the market discourage you if you're financially ready now. Talk to a qualified realtor and lender who can steer you in the right direction. They should be able to assess your financial situation and then tell you how much home you can currently afford.
If you feel like the number of choices are low in terms of available homes for sale, it might be best to hold off until more come on the market. When it comes to buying a house, there really is no magic formula, so trust your instincts and set your goals.
Make Your Move
Once you've considered all the factors to determine when the best time of year to buy a house is, you're ready to make your move. Talk to professionals in your area that you trust and they can help make your dreams come true.
If you're interested in incredible custom homes, be sure to contact us or visit our website for more information about building your dream home and more.