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Elevate CUMar 12, 2024 4:47:00 PM2 min read

Best Times to Buy a Home

Your home will probably be the most expensive item you’ll ever buy. That’s why it’s of utmost importance that you time your purchase right and learn the best time of year to buy a home. Of course, market conditions, like mortgage rates and the general state of the economy, will significantly impact the price of your new home as well. Here are the best times of year to buy a home.

Winter

As the traditional slowest season for the real estate market, winter will generally bring the lowest home prices. As one of the few buyers on the market, you’ll likely have an easier time negotiating a better deal with a seller. Finally, the professionals guiding you through the home-buying journey may be more available to work with you during this slower season, possibly making the process quicker.

Buying a home in the winter is not all fun and games, though. First, fewer homes for sale means slim pickings for you. If you’d like a more comprehensive selection of homes, winter may not be the best time to go house-hunting. Depending on the area of the country you live in, you might be checking out homes and properties in less-than-ideal conditions. In addition, you’ll have fewer daylight hours to get a feel for the home’s true curb appeal and the amount of natural light that shines into it.

Late spring

The real estate market really blossoms in the spring. This is the time of year when you’ll see a large influx of new homes on the market. The warmer weather and longer days are ideal for scouting properties, inspecting roofs and exteriors of houses, and getting a feel for a community. You’ll also have a robust inventory of homes on the market.

However, shopping for a new home during the warmer months of the year means competing with many other shoppers who can be interested in the same homes you are. This can lead to higher prices, fierce bidding wars, and the inability to negotiate for a lower price. Lastly, realtors and title agencies can be swamped during this time of year and may have less time to work with you, resulting in a lengthier buying process.

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Early summer

Early summer is peak real estate season in the U.S. and often sees the most homes sold of the entire year. The weather is warm, and the days are long, making for ideal home-shopping conditions.

Shopping for a home in the summer means shopping for the homes left over from the spring influx. You may have slimmer pickings, but sellers will likely be more eager to sell before autumn and winter arrive.

In short, the best time of year to buy a home depends on your specific wants and needs. No matter when you choose to pursue homeownership, we are here to help. Best of luck on your home-buying journey!

If you enjoyed this article, you can find more like it on our MoneySmart Tips blog.