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The Best Time to Buy a Home

Real Estate by GayRealEstate.com (From February 2019 Online)
The Best Time to Buy a Home
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For some purchases, prices change depending on the time of the year. If you’re purchasing items to use outdoors during the warmer months, for example, they’re usually cheaper in the winter since fewer people are buying them. When you’re looking at vehicles, the general rule of thumb is to buy later in the month when sales associates are more desperate to make their quota. Does this hold true for homes as well? There is some interesting data that does suggest home prices are often better in certain months than others, but there are also a number of other factors you must take into consideration when buying a house.

Facts About Home Sales

First, let’s look at some data. Information taken from the Census, the Federal Reserve, and housing websites do show that final closing prices do tend to be lower in the winter than in the summer. In June, for example, the average closing price from the data studied was over $300,000, while the average cost in January was just a little over $250,000.

Few people want to move during the winter, especially not right after the holidays when many are very busy with family. This means homebuyers may not face as much competition for great properties. Of course, it also means that there won’t be as many new listings on the market. Overall, the data shows that December is the month with the fewest new listings and the fewest number of homes on the market, while May has almost twice the number of new listings.

In June, many families are looking to move since parents want to get their children settled before the start of school. They don’t want to disrupt their children’s school year by moving their family while classes are in session.

Consider the "Buying Season"

Real estate professionals generally consider the "buying season" for homes to start in the late spring and end in late August. During this time, you’ll find more homes on the market, but you’ll also find more competition for those properties. Prices are likely to be higher, and you’re more likely to end up in a bidding war. However, this may also be the best time to find the home that meets all of your needs since you’ll have more selection.

Buying in the Spring

If you’re considering getting a jump on the buying season by finding a property in the spring, you may find that prices aren’t as low as you might think. May and April are right behind June when it comes to high closing prices. There aren’t as many new homes on the market as there are in the buying season, either.

Waiting Until the Fall

The fall is the main time to find deals, although don’t expect prices to drop more than a few percentage points at most unless the property was on the market for most of the summer. You won’t face as much competition, however, so the final closing prices are usually around five percent less. That can equate to a nice savings, plus you’re more likely to get the winning bid on the home you want.

The longer you wait to buy, the more likely you’ll be able to save money. Just remember that you’ll also have fewer properties to choose from, plus you’ll have to move during the winter months.

Time of Year May Not Be a Concern

While some potential homebuyers may be able to wait for prices to drop or for less competition, you may not have that luxury. If you have a family, for example, you may very well want to move after school is out if your children will have to change schools. Other factors, including the length of your current lease or a job change, may also dictate when you can move.

Also keep in mind that weather plays much less of a factor in some areas. If you live in the southern part of the U.S., home prices may not necessarily be that much lower in January and February. For those in northern areas, the summer months may not see as much of a decrease. Other factors, including interest rates and your own finances, also need to be taken into account.

Your Agent Is a Factor, Too

Finally, your real estate agent also plays a major part in the home buying process. They may be able to find you the perfect property no matter what time of year it is. Having an experienced agent is often the difference between seeing properties that fit your needs and budget and being shown homes that simply don’t match your personality.

For members of the LGBTQ community, having a gay or lesbian real estate agent can be very beneficial in regards to this point. These agents often understand your needs and wants better than others. The top real estate agents at www.GayRealEstate.com have been representing members of the LGBTQ community with home purchases since 1991! Offering free buyer representation.



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Contributor GayRealEstate.com |


Topic Real Estate | Advice |


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