A major decision that requires great thought and preparation is buying a home. You can find houses throughout the whole year, however, seasonality may affect prices and the number of homes on the market. You may have a life event that requires you to purchase a new house quickly however, if you are not in a rush to purchase your home you may want to factor in seasonality and the time of year you would like to buy. Let’s take a closer look at how seasonality may come into play when you are looking to purchase a home.
Spring Home Shopping Benefits
Spring is widely regarded as one of the best seasons for homebuyers. As the weather warms up, so does the real estate market. Springtime results in increased inventory as sellers put their homes on the market and favorable weather for open houses and home shopping, Spring is the prime time to start looking to purchase a home. You may experience more competition for that house during the spring but, it remains a popular time to house hunt so that families can get settled in before a new school year. If you choose to house hunt during the spring, be prepared to move quickly! A preapproval letter from your lender is a necessity when you start shopping, especially in the spring.
Summer Home Buying Advantages
Summer continues to be a busy buying season and like springtime, if you are house hunting in the summer be prepared to move quickly. While the market is competitive, there are advantages to buying during this time. With more listings during the summer, you can explore and consider a wider range of properties. This is also the time of the year many families prefer to move as their kids are out of school, making it not only easier for you to relocate, but also for sellers that may be leaving the area. If you are house hunting during this busy time it is important to come to the table with a strong offer. Buyers typically don’t want someone that they fear is going to back out. You should have a pre-approval letter and financing in place. If you need to sell your existing home to purchase the new one it is also a good time to try and time the sale and purchase together since there are lots of buyers looking.
Depending on your geographic location, if you can hold tight until the end of the summer they may be more deals on the market.
Fall House Shopping Opportunities
Fall is often considered an underrated time to buy a house, but it offers several benefits for savvy buyers. With motivated sellers that couldn’t capitalize during the peak selling months, your opportunities as a buyer become more favorable later in the year. You can also take advantage of a market with less competition and potentially lower asking prices.
Winter House Buying Benefits
Winter is generally considered an off-season for home buying, but it presents unique advantages: Typically, there is less competition due to a lower number of buyers. This can lead to more favorable negotiations for the buyer. Also since there is typically less inventory, Real Estate agents are also motivated to make sales during this time and may be willing to negotiate closing costs and commissions.
The bottom line is that typically each season of the year has pros and cons for the housing market. The most important factors depend on your personal circumstances and readiness to purchase a home. Once you decide you are in the market a critical first step is to speak to a trusted mortgage lender and get pre-approved for a mortgage. Starting the home-buying process with a preapproval letter in hand makes you an even stronger buyer.
For over 90 years the experts at Standard Mortgage (NLMS#: 44912) have been helping homebuyers and homeowners with all of their purchasing and refinancing needs.
