Picking the right time to buy your new home can help you save money – and/or get your dream home more quickly. Here are some things to think about to get you started.
If you define ‘best’ by cost then you are more likely to save on a move during the late September to April window. Demand for movers usually slows down during this time frame and rates are low.
Timing determines so much when you’re buying your new home. Although the best time to buy a house is when you’re ready both financially and emotionally, there are other factors that can help you decide when to buy a house.
Is this the right year to buy? Economic forecasts vary every year, but waiting around for market fluctuations isn’t the best way to decide when to buy a house. The best year to buy a house is when you and anyone you intend to buy a house with are ready.
Why Is Real Estate Seasonal?
Real estate is seasonal. Certain times of the year are busier than others, and that impacts pricing, availability of properties, and the overall conditions you’ll face in the 2020 housing market.
A number of other factors drive real estate’s ebb and flow, including school schedules, weather, and even tourism in the area you’re looking to buy.
Location & Weather
Keep in mind that the best or worst time for you to buy a home may depend on your location.
If you live in a place with a warmer climate, you won’t find the seasonal differences in home pricing. Sellers won’t be in a rush to make a deal in September because they’re not as worried about any change in the weather putting pause on the housing market.
If what you want most is having the greatest number of homes to choose from, and you don’t care as much about getting a bargain, you may prefer to buy during the busier spring and early summer months.
The school season also dictates the supply and demand. A large portion of buyers want to be settled in by the time school starts. Sellers are more willing to cut their prices as back-to-school approaches, because they get nervous that they won’t be able to make a sale before the cold weather arrives. That means that after September you’ll start to see price reductions.
Best Months to Buy
What’s the best time to be looking to buy real estate? When others aren’t! Think December, January and February – when it’s cold, damp, and bitter outside, or August when the humidity level is high.
December is a smart month to buy. An analysis from Zillow shows that home purchases in this month can save buyers as much as $5,000 in some markets. Buyers who are out in the winter are also usually more serious about wanting to find a home. The best time to find a deal on a home is in these winter months—especially during the holidays. During this time, buyers will have the least amount of competition when making their offers. This reduction in competition will help buyers purchase a home in their ideal price range.
Best Days to Buy
The single best day to buy is Dec. 26, because almost no one is in the market on the day after Christmas. Sellers impatient for a sale are willing to give discounts below market value. Other buyer-friendly dates to remember include are Dec. 4, 7 and 29, Oct. 12 and Nov. 9. The best day of the week to close on a home purchase is Monday. Friday is the second-best day for buying.
The Best Time to Buy if You Want Options
The housing inventory tends to be at its highest levels in the spring and summer months—especially May, June, and July. This is when you’ll find the most options as a buyer (families are looking to sell because of the start of school). Buying during these seasons does have some drawbacks. Though there are more homes to choose from, they tend to come with higher price tags than those listed in colder parts of the year. It also means more competition. In the spring and summer months there is also a lot of activity which equates to a lot of competition. When there is competition for homes, it can result in bidding wars that drive prices up.
Best Day and Week to Buy a Home Overall
If you’re looking for a good combination of the above factors (affordable pricing, a variety of housing options, and lower competition), data from realtor.com states early fall as the best time to buy. The week beginning September 22 is the single best week to buy a house, offering 26% less competition than other weeks of the year.
Other Strategies to Help You Buy Your Dream Home
Remember, real estate is local, so while some seasons may be the best time to buy in one region, it might not be as smart in another. Because of this, it’s important to talk to a local real estate agent about seasonal trends in your specific area. Call us at Delphi Realty Group at (925) 705-1300 for any questions to get started on your home buying search.
Here are some key takeaways:
You’ll find the best deals in the winter months. Fall or winter are the seasons when you’ll save the most money on your home purchase.
- You’ll find the best deals in the winter months. Fall or winter are the seasons when you’ll save the most money on your home purchase.
- You’ll have the most options in the spring and summer.
- The best week to buy overall is the week of September 22.
- The best day to buy overall is December 26.
- Buy your home at the right time and right price according to your own individual needs.
For comments or inquires contact:
Alex Khodadad, Broker, CPA
1930 Contra Costa Blvd.
Pleasant Hill, CA 94523
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