When's the Best Time of Year to Buy a House?
Everyone knows the first rule three rules of real estate are location, location, location.
But while you’re searching for the right neighborhood, don’t forget timing. What time of year you buy a house can affect how much you pay for it. And it can keep you from pulling out your hair if you try to move when you’ve already got too much on your plate.
So, what time of year gives you the best of both worlds?
The end of the year
Who wants to move in the cold, snowy, holiday season? You do. That’s who.
You might have fewer homes to choose from, but it’s unlikely you’ll get into a bidding war at the end of November since there are fewer people looking. And people who have their houses on the market during this time of year are usually pretty motivated sellers, so you might be able to negotiate your closing costs.
Most buyers aren’t thinking of putting an offer on a house on Easter Sunday or Christmas day.
Plus holidays tend to put people in good moods—yes, even after dealing with the family drama. So they might be more willing to accept a lowball offer on the house.
Spring and summer
There’s a bigger risk you might get into a bidding war, or houses will sell before you can even put a bid on them, but there are benefits too.
Buying during the busy real-estate season means you’ll have a lot of options. The nice weather will make moving easier and you won’t have as many holiday obligations. And if you have kids you might be able to time your move so you don’t disrupt their schools schedule at all.
Who are we kidding?
There’s never really a bad time to buy a home. Sure, there are some things you can use to your advantage. But it’s all about your personal situation.
So take a good look at your credit and finances, talk to a real estate agent, and think about what’s right for you.