Buying a home will be one of the most important purchases you’ll make in your lifetime. Deciding on the best time to buy a home can be challenging due to factors outside of your control. Mortgage rates and the state of the economy are important variables that affect your purchasing power. This means there is never a truly “perfect” time to buy, but some seasons offer more advantages than others.
Regardless of when or why you’re looking for a new house, being informed is your most powerful asset. Here are some of the pros and cons of buying a home during specific times of the year.
Late spring
Pros: Just like nature, the real estate market comes alive in spring. This time of year offers the biggest inventory of homes, so the chance of finding a home you love is bright!
The nicer weather makes it easier to tour multiple properties and complete inspections without snow or excessive heat getting in the way. The rain provides benefits, too, making damage like leaks, mold, or mildew more apparent.
Cons: Shopping for a new home during peak home-buying season means more competition. This can lead to higher prices, bidding wars, and less chance to negotiate for a lower price. You may also experience more pressure to make a quick decision if other buys are interested in the home you want.
Verdict:
Is late spring the best time of year to buy a home? You’ll have the most inventory to choose from, but more competition as well. The ability to contribute a competitive down payment or pay cash could give you a significant advantage. Either way, this is a great time to start looking and get a feel for the type of home you want and current market conditions.
Summer
Pros: Early summer is a popular real estate season in the U.S., and often sees the highest level of homes sold. Inventory is high and the longer days make it more possible to see multiple homes throughout the day. In late summer, sellers are more eager to make a deal before autumn and winter arrive. They might be more inclined to come down on price because they want to get into their new home ahead of the schoolyear and upcoming holidays.
Cons: Shopping for a home during summer means you’re looking at the inventory left over from the influx in spring. There are still plenty to choose from, but less choice. Depending on where you’re looking, you might experience unbearably hot and humid weather, which is not ideal for outdoor inspections, viewing homes, and moving.
Verdict: Buying in early summer provides more choice while late summer might get you a better deal. Always consider the weather where you are moving and how that will impact your comfort level.
Winter
Pros: Winter is not traditionally thought of as the best time to buy a home since it is slowest time for the real estate market. But this can work to your advantage. You might score a lower price and will face less competition. Since there are fewer buyers looking, prices are generally better to entice quick sales. You might also have an easier time negotiating the price down and better luck avoiding a bidding war.
Another perk? Real estate agents have more time to dedicate to you during winter. They have more bandwidth to guide you through your home buying journey and help make the overall process more enjoyable.
Cons: There are fewer homes on the market in winter. Depending on where you’re shopping, you might be checking out homes in frigid weather. It can be challenging to inspect the roof or landscaping when there’s snow and ice. Not to mention moving during these conditions. You’ll also have fewer daylight hours to get a feel for the home’s true curb appeal and assess the amount of natural light coming through the windows.
Verdict: Shopping for a home during winter might be your secret to getting the lowest price. You’ll most likely experience less competition and a quicker sale. Just consider the weather in colder climates and the impact of moving close to the holidays.
There might not be a perfect time of year to buy a home, but spring, summer, and winter all offer their own unique benefits.
Another way to ensure you get the house of your dreams is with a Golden 1 home loan. Experience a smoother experience with our competitive rates, a range of offerings, and superior customer service. Plus, you can check your eligibility before you buy, so you can walk into open houses with confidence. Reach out to a Home Loan Advisor to get started today.
We hope this helps you on your homebuying journey. Happy house hunting!
