When is the Best Time to Buy a House?

After preparing for months of saving and planning, you’re finally ready to buy a house. But like most people, you may asking yourself if the timing is right. Should you find a house on sale and make an offer right now or are there other times of the year and days of the month when you’re likely to find better deals?

According to Bainbridge, Georgia realtor Larry Lennard, the simple answer is“there is no perfect time to buy a house.”  Lennard says,“Great deals come to the market based on a number of factors and it’s your job to stay alert and spot those deals before somebody else does.”

Nevertheless, there are a few things you can do to make those great deals even better. Since the main aim of any house buyer is to find the best property at the best price, here are some factors that you should consider.

Time the best interest rates

Interest rates will affect your monthly payments. When interest rates are low, you’ll pay less. When interest rates go up, you’ll pay more. Interest rates are affected by myriad factors including inflation, cost of living, and market conditions. The good news is that rates have been at all-time lows for the past few years.

Buy during a buyer’s market

In a seller’s market, demand for homes is high and available properties are scarce. During a seller’s market there can be multiple offers for the same home, so houses sell quickly, often at the asking price or even higher. This gives sellers an advantage. In a buyer’s market, demand for houses is low and properties can be on the market for weeks or even months. This gives you an upper hand as sellers are more willing to accept offers below the asking price.  In most cases, the longer a house has been on the market, the more willing the seller is to negotiate with prospective buyers.

Seasonal factors

Spring is usually a popular time for sellers.  Lush, green lawns and blooming gardens and ornamental trees enhance a home’s “curb appeal” and can add hundreds or even thousands of dollars to the asking price.  During the fall and winter months, there are usually fewer houses on the market as people tend to focus on the holiday season.  Summer also tends to be a slow time in the real estate market.  But that doesn’t mean you should only buy in spring. Actually, some of the best deals are found during the off-seasons.  However, if you have to sell your existing home before you can buya new one, springtime might be your best option.