Prime Time to Buy a Home
In the previous blog, we talked about the best time to sell a home. You might be thinking, “well, that is great, but what if I want to buy a home?” Let’s talk about that!
It may be surprising to know that the best time to buy a home is not necessarily during the same time frame as selling a home. Some may think that the two go hand-in-hand but quite the opposite is true. The best time to buy a home, if you are in the market, is in the fall. More specifically, October is truly the best month to buy a new home.
If a buyer plays their cards just right, they could receive a 2.6% discount compared to the current fair market value. Most likely, these discounts are due to fewer buyers, resulting in sellers being more willing to decrease the asking price on the home that is being sold. Following October – February, July, December, and January are all months in which buying a home are the best times to make the purchase.
Surprisingly enough, the time around Christmas is also a great time to finally sign on that beautiful home you’ve been eyeing for a while. During the month of December, people are celebrating the holidays, and enjoying family. Therefore, they are inclined to be more generous and accept an offer that was placed on the house they are attempting to sell. Also, during this time-frame, there are less potential buyers looking for homes. People are not too interested in packing everything up and moving around the holidays, but this can be a major benefit for a buyer. Because there are not a lot of people out and about house-hunting, there is less competition, therefore less offers being placed on a home. Due to that factor, sellers are more likely to accept any offer they receive on their home. Finally, home prices are typically on a 12-month low during December. If a person has their home on the market over Christmas, that person is definitely serious about negotiating and selling that home.
If you are looking to buy a home, right now is the best time to do it. Winter is quickly approaching and the competition that you may face in the spring time is not going to be as stiff. You are more likely to get your offer accepted, especially if the home you are interested in has been on the market for a bit of time. Do not let the cold deter you! Find your dream home and start the process of placing an offer and getting into your new home. Although it will not be impossible to buy a home in the spring, now is your time. If buyers start looking now, there will be less competition and less buyers vying to get that home that you have had your eyes on. Good luck and happy house-hunting!