What are the best months of the year to buy a home?
There are myriads of factors to take into account when planning to buy a home. One aspect that some may fail to consider is the timing of the purchase.
Buying a house is a major decision made more complicated these days by steep mortgage rates, even steeper home prices, and limited inventory.
One factor that prospective home buyers should take into consideration when looking around is the timing of a potential purchase. There are some periods in a year when you are more likely to get a good price for your new house.
What are the best months of the year to buy a home?
You may be getting a bit blue now that summer is coming to an end, but if you want to buy a house, there is something that you can look forward to. According to real estate experts, fall and early winter are the best times to purchase a home.
According to Realtor.com, the best time to go home-shopping is the beginning of October. Early fall usually signals more home listings and lower buyer demand. These conditions result in a lower price tag.
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ATTOM Data Solutions, a provider of nationwide property data, analyzed almost 40 million single-family home and condo sales between 2013 and 2021, and came up with a similar finding. Their study also found that buyers generally negotiated the best prices in October.
Winter also offers opportunities for buying a home, as there are less people who are looking to purchase. However, potential sellers may also hold out for more home hunters who could be waiting for warmer weather before they start looking at houses.
Spring is typically the most expensive season for home buyers. Although this is a good time for listings, there are also more people out to shop around for a house, crowding the buyer’s market.