Is there really a "best" time to buy a house? According to the experts at forbes.com, it's fall and early winter. Let's take a look.
Is Fall a Good Time To Buy a House?
Fall is one of the best seasons to buy a home as buyers can typically negotiate a more desirable price before sellers take their home off the market prior to winter. There can also be fewer buyers as autumn progresses, although inventory is lower compared to spring or summer.
October can be the best month in the fall to buy a home as prices tend to be less competitive but inventory remains at a good level. Where severe weather is of concern, buying during this month still gives time to settle in before the brunt of winter arrives.
How About Buying a House in Winter?
Winter can be an excellent time to buy a house as there’s usually less competition between buyers. Sellers may be more willing to negotiate to make a sale since buyer interest is lower than it is in the spring.
A potential downside for buyers is a relative need for more inventory as potential sellers may wait to list until the weather warms and there’s more competition.
Evaluating a home’s exterior grounds in a cold climate can also be challenging especially if it’s covered with snow or ice. At the same time, inspecting a property during the winter lets potential buyers determine the effectiveness of heating systems and the structure’s integrity.
“Savvy homebuyers can take advantage of those lower prices and less competition from other buyers once the leaves start to turn." – Rick Sharga, executive vice president of market intelligence at ATTOM
So, What's Wrong With Spring and Summer Anyway?
While spring is generally one of the best times for inventory, competition is also fierce, which can result in bidding wars and less room for negotiation. If you're the seller, however, you could take advantage of more potential buyers, and it's easier to show off curb appeal.
In June and July, many housing markets still have strong demand and inventory levels carrying over from spring, giving sellers more advantages. August tends to be a little better as there tends to be a healthier balance between inventory and prices. Summer can also mean less negotiation power than in the fall or winter.
Make Sure You Have a Professional On Your Side!
Regardless of the time of year you're beginning your search for a new home, make sure you have a professional REALTOR® on your side to guide the way. Make plans to find your REALTOR® at the 2024 Branson Home Show!