Often, in the minds of home buyers, spring and summer are considered to be the best time to buy a home but, in reality, this isn’t necessarily true. In fact, (surprise!) fall might actually be the best season to buy your new home.
Whether you’re not sure if you’re ready to buy a home, or if you’re thinking of buying in the near future, below are a few reasons why buying your home in the fall would be most beneficial.
Choosing the Right Time of Year
One of the key things prospective home buyers need to consider is when it’s the right time to buy a home. Not only do home prices vary over time, but they also vary over the course of the year. While summer is the most popular time to move or put your home on the market, supply and demand is a big factor in why home prices fluctuate. So, if you’re looking to buy a home in 2018, you’d be wise to consider the timing of your purchase.
The Best Time to Buy a House for a Good Price
The best month to steal a deal when buying a home? October. Though many people think of spring and summer as the hot spots for real estate, it’s for that exact reason that makes October the better month for buying. Spring and summer are overloaded with prospective buyers creating a frenzied market, and, just like the beaches in the fall, the water has cleared making less competition for buyers.
Housing Market Signals
While we’ve explained that fall is the best time to buy a home, it’s more than just pouncing when the market is tired—there’s actual data to be considered, as well. According to 2017 data from Trulia, starter home inventory in the U.S. as a whole gets a 7 percent boost between October and December each year. As a result, we see listing prices that are about 4.8 percent and 3.1 percent lower in the winter and spring than in the summer, respectively.
Some other market signals you may want to consider include:
- Mortgage rate changes
- Bidding wars
- Pricing trends
- Local housing trends
- Times when homeowners may have trouble paying off debt (January and February)
Together, all of these can be considered as leverage when buying a home. Most importantly, if you want to find a great home for a reasonable price, look for times when the market is soft, or when there are fewer prospects.
If you’re thinking of buying a home in the coming months, or still unsure and have more questions, our talented team of agents at Janet McAfee are always here and ready to help you navigate the process from start to finish. If you’re looking for a real estate firm you can trust, contact us today!