Buying a home isn’t something you should do on a whim. After all, homebuyers have to make a lot of decisions. Besides choosing a location and deciding how much you’re willing to pay, you’ll need to think about when you want to seal the deal on a new home. Is the spring the best time to buy a house? Or would you have better luck waiting until the fall? Let’s look at what industry experts have to say about the best time to buy a house.
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The Best Time of Year to Buy a House
Many people consider the spring and the summer to be the best times to buy a home. Spring is generally considered to be the start of the home-buying season and it’s certainly a busy time of year for buyers, sellers and anyone with ties to the real estate industry.
But home sales tend to really heat up in the summer. In fact, realtor.com says that half of homes are usually sold during the summer.
The best time of year to purchase a house, however, may be the fall. If you wait until the temperature starts to drop to put in an offer on a home, there will be fewer people who you’ll need to compete with. And sellers may be willing to reduce their asking price for homes, especially if there aren’t many buyers who are interested in their properties and they’re trying to move out before the holiday season arrives.
What’s more, if you can buy a house in the fall, you’ll still have time to take advantage of some of the tax benefits that homeowners enjoy. For example, once you start paying a mortgage, you can qualify for the mortgage interest deduction. Then you can claim your tax breaks in the spring during tax season.
Of course the downside to waiting until the fall (or even the winter) to buy a home is that there’s less inventory. If you’re extremely picky, you may not be able to find the kind of house that you want to live in.
The Best Month to Buy a House
According to a recent report by RealtyTrac, October is the best month to buy a house if you’re trying to save money. While a house is an expensive purchase, buyers who wait until October to close on their homes may pay a lot less than folks who buy homes during other months of the year like April, the worst time to buy a house. RealtyTrac found that in October, homebuyers got away with paying 2.6% less than the approximate market value for their homes. And those who purchased their homes on Mondays or Fridays were more likely to get better discounts than homebuyers who bought their homes on other days of the week.
RealtyTrac found that January, February and December are also good months for people who are looking to get the best deal on a home. And if you have to buy a home in the summer, the real estate company found that July is the best time to purchase a house if you’re on a budget.
The Best Time to Build a House
If none of the existing homes you’ve seen impress you, you could always build a house from scratch. Experts say that it’s best to build a house when the weather is cool and dry. So the best time to build a house may vary depending on the weather conditions in your area.
For some people, the winter may be one of the best times to begin constructing a new home. It’ll likely take several months to finish the house and if it’s ready by the spring, it’ll be warm enough to pour the concrete for the driveway. But if it rains or snows frequently during the winter, that could delay your home-building project.
Recent reports say that the fall may be one of the best times to buy a house. If you can buy a house in October, it’ll be easier to find a seller who’s open to lowering their purchase price in order to take their house off the market. Buying a home in the winter can also work in your favor if you’re trying to stick to a budget.
While paying attention to timing is important, it’s best to buy a house when you can afford to make the purchase. If you don’t have enough money for a down payment in the fall or winter, you may need to wait a few months before applying for a mortgage.
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