Whether you’ve been saving up money and slowly planning your home buying or you have a sudden change coming and need to buy a home you have the same question. When is the best time to buy a home? Timing is a big part of the real estate market, for buyers and sellers. Let’s look at when you should buy a home and how to help turn a bid into a contract.
When Is the Best Time to Buy?
There isn’t an easy answer to the question of when to buy – it depends on your needs. While the year has four seasons, the real estate market basically has three:
Late Spring/Summer – This is when most houses tend to go on the market because most people want to move in the late spring/early summer months. You have the most selection of homes, but you also have more competition, which means less of a chance to get a deal.
Winter – This is the ideal buyer season for price because fewer people are in the market to buy a home in the winter. Less competition means you may be the only person who puts a bid on a house. Unfortunately, fewer buyers also mean fewer homes on the market.
Late Summer/Fall – You have a little more selection than you have in winter, as you hit the end of the Late Spring/Summer rush. As you move into fall, you have less competition in buying, and more opportunities for deals, similar to winter buying. However, the further you get from summer, the fewer homes are on the market, so your selection goes down.
How to Make the Most of Buying in Any Season
Getting a good deal on a home isn’t just about what time of year you look to buy a home. It is also about how you plan your approach to buying and the work you put in before you make a bid. Some ways you can increase your chance to get the home you want at the price you want to include,
Get your pre-approval. The less time the seller has to wait, the less likely it is someone comes in to sweep your house away with a better offer.
Being strategic in how you search. Did you know that homes listed mid-week get more bids? If you want to decrease your competition as a buyer and give yourself a chance at getting a better deal, don’t just look at what is the freshest in new home listings. If you’re looking at listings mid-week, see what homes went up the previous weekend or at the beginning of the week. You may find that you have fewer competitors buying, which means fewer people to outbid and a better price for you – even during peak selling months.
Be flexible in what you buy. Have a checklist of your needs, but be willing to sacrifice less important wants to get a home in a good neighborhood or at an ideal price.
How can we help you or your clients reach their dream of home ownership? Go to www.meetwithmarat.com to schedule an appointment and talk about your or your clients’ options.