When is the Best Time to Buy a Home?
If you are thinking about a house move, you might be wondering when the best time is to buy a home. According to the real estate experts at EXIT Real Estate Consultants, the time of year you buy a home will affect different things, including the number of buyers and the price of the homes. For example, there tends to be more listings in the spring time, when people’s thoughts are turning to house moving with the changes in the weather. However, while spring means more people selling their homes, it also means more people are buying, meaning that there will be more competition for the house you potentially fall in love with. As a result, you might miss out or need to spend more to buy the home of your dreams.
When is the Best Time for You?
The time of the year may be a factor for some people when it comes to buying or selling. There are those who just don’t want the hassle of selling in the winter when the weather is dull, and conditions might make the actual move a drag.
The holiday period around Thanksgiving and Christmas usually puts the issue of home buying and selling out of people’s minds, so this is a slow period in the housing market. But it could be a great time to get a lower price, particularly if someone is eager to sell quickly.
Another reason for fewer listings in the winter is the fact that many people do not feel that the darker evenings and dreary weather (depending on where you live, of course) will show their home in its best light.
Time of the year aside, the best time to buy a house is really dependent on your own circumstances. If you are ready to buy your first property and you have the down payment and are pre-approved for a mortgage, it makes no sense to wait. Just because there will be fewer listings in the winter does not mean that you shouldn’t look. As already mentioned, you could find the house of your dreams and get it for a better price than you imagined.
Are You Ready to Buy?
There are a few things you need to have in place before you start searching for a home. A lender will usually require a down payment of at least 3 percent, but the more you have the better your chances will be of getting approved. If you are buying through a government-backed scheme though, you may not need a down payment at all.
You should get pre-approved for a mortgage before you begin your search as this will give you an idea of the maximum price range of properties you can view. Try to look at houses priced below your maximum initially because you could find the perfect home for less than you might think. If you do, you will pay less on your mortgage and less over the entire term of the loan.
When you are ready, speak to a local buyers’ agent. Working with an agent will give you more scope when trying to find the perfect home. They will have access to all the listings in the area and can help you negotiate to get the best price.
The best time of year to buy a home really depends on your own individual circumstances. While there tends to be more listings in the spring and summer months, there is less competition for properties in the winter, which could work to your advantage. If you are ready to buy, then you should start your search today.