September 22, 2020

What Is The Best Time Of Year To Buy A Home

House on the hill

There are many including finding the right home, the right price and the right mortgage. But what about the right time of year to buy the home?

House on the hill

Photo by fran hogan on Unsplash

Like any big purchase in your life, you have to find the best possible time during the year to buy or look for a new home. There are certain times of the year and even more specific, certain months, weeks, even days of the week, that can and will impact your mortgage, the amount of money you spend on your new home and the type of home and property that you will be able to afford.

It comes as no surprise that late summer or fall, or August and September, is the best time to buy a home. This time of year is a new beginning for practically everyone. Children are beginning a new year at school while others are getting ready to start the fall on a new foot after having fun all summer. Also, the weather is usually comfortable and foliage is starting to decorate itself in autumn colors.

Homebuyers can find plenty of homes on the market during this time and there isn’t as much competition for them as there is in the spring and summer when more people are out-and-about, which means there is a greater likelihood of finding a bargain because sellers are more willing to cut prices because they don’t want to be stuck in selling mode as winter creeps in and the buyer pool all but dries up.

If you couldn’t find your dream home during the best months, maybe the best day to buy a home will be your lucky day. Experts claim that the single best day to buy is the day after Christmas, Dec. 26. There is very little on the market, but it doesn’t hurt to look because the one home that is on the market could be your future. On this day, sellers are eager to sell and willing to move on their price more than any other day of the year. Experts also claim that Dec. 4 and 29, Oct. 12 and Nov. 9 as other “best” single days to look for a home.

Homebuyers also say that the best day to close on a home purchase is a Monday. There really is no rhyme or reason to why a buyer would get more discounts on a Monday, but research shows that to be true and that Friday is the second-best day for closing, buying and discounts.

If you really want the best home for your dollar, you shouldn’t be serious about buying during the spring or first half of summer, especially the month of June. Homes tend to sell fast during this time, which leaves buyers with little to negotiate with because the seller knows there is someone else behind them in line. Also, buying a home midweek isn’t the best decision either. Sellers have more time to think and settle on a price whereas on a Monday they just want to get the week started and on a Friday they just want it to end.

You must also keep in mind the location in where you are purchasing a home. If you are buying a house in a warmer climate like Florida then season differences in pricing really doesn’t occur. There is no rush to make a sale or a deal because there is no worry about the change in weather chilling the market.

If you are serious about buying, continue to check the homes in the area you want to live in and try to follow the best practices to get the best price.

Happy house hunting!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: