Real Estate Buying Tips: When is the Best Season to Buy a House?
Many eager home buyers are quick to create a list of must-haves and preferred neighborhoods. Most of these same buyers, however, end up overlooking the benefits and drawbacks of going house shopping in a particular season. That said, do seasons really matter when buying a house and if so, is there a “best season” for prospective buyers to make a purchase? Well, the answer will depend on your personal circumstances. Below are some of the benefits and drawbacks of buying a house in the spring, summer, fall, and winter, so you can better decide if you’d benefit from purchasing a home in a particular season.
Spring is typically the season when the highest number of real estate listings hit the market. That’s why it is the perfect shopping season for home buyers wanting the largest selection of homes to choose from. Unfortunately, spring is also the busiest season for buyers, so you are likely to face heightened competition if you choose to buy a home during the spring.
Summer is the preferred buying season for most families with school-aged children as moving over the summer won’t interrupt the school year. Unfortunately, the convenience of moving over the summer often drives up home prices as many families enter desperate bidding wars in hopes of securing a deal before the new school year begins.
Fall often coincides with better home prices due to the decreased interest among families with school-aged children. While the inventory of available homes does tend to decrease as fall arrives, you may find that many sellers become quite motivated to make a deal at this time of the year so they can avoid a winter move.
Winter is usually the slowest time of the year for real estate sales and as such, house prices are generally at their lowest point during the winter months. If you are looking for the cheapest home prices of the year, then you should probably buy a house in the winter. Unfortunately, winter moving does present certain challenges like having to deal with adverse weather conditions and colder temperatures. Another downfall is the further into winter you get, the less inventory you’ll likely have to choose from.
There are various benefits and drawbacks to buying a house during a particular season. While it’s entirely possible to find the perfect home in any season, you may find that shopping during a specific season better compliments your personal circumstances. Hopefully, now that you know some of the benefits and drawbacks of buying a home in the spring, summer, fall, or winter, you have a better idea about which season’s benefits fall more in line with your personal circumstances.