Are you wondering if the right timing is an important factor to consider when buying a house? The answer to that is quite complicated since it’s both yes and no.
The changes in the season tend to have a significant impact on certain factors such as purchase price and the number of homes for sale, also called inventory. As DRP, a property management company in Virginia, explains, during spring, you may notice that there are plenty of on-sale homes; however, buyer competition and demand may prompt an increase in housing prices. On the other side of the coin, one can generally expect lower prices during the winter season. Still, it’s also equally the time when there is limited inventory, proving moving is quite challenging.
The best time to buy a house isn’t always hinged on when the prices are lowered or when the inventory is at its peak. Undeniably, these are essential factors that prospective homebuyers should be on the lookout for, but at the same time, your personal needs, alongside wider conditions of the market, also take on a vital role.
The bottom line is that you can purchase a house regardless of the season. However, knowing the best times to delve into homeownership means that you have to thoroughly understand the disadvantages and advantages of purchasing a property at varying times – and then decide when it’s the right time for you.
That said, this article will take a look into the best times you can buy a house in 2022 and other factors you need to consider when doing so.
For the real estate market, spring is considered a hot time of the year. Spring usually marks the end of the school year, and its warm weather brings out droves of buyers and sellers alike, thus creating a healthy and active marketplace. This situation alone can be both bad and good for prospective homebuyers. While there are plenty of choices, you’re also simultaneously faced with plenty of competition. In some cases, you may even find yourself in the middle of a bidding war.
One of the main reasons behind the increase in sales inventory when temperatures rise is because the houses on sale tend to show better. Flowers and trees are in bloom, and grasses are significantly greener. In terms of appearance, houses tend to appear much better under the spring sunlight.
Additionally, there’s also the demand. During the winter season, buyers and sellers often wait it out, with sellers generally elevating their home prices during the spring. Because of this, bidding wars break out, making for a rather difficult environment for buyers to secure a home.
While housing prices may be top dollar in the spring, it’s popular for plenty of reasons. Many families want to be settled before the start of a new academic year, and spring makes for enough time for them to shop for a new home while making the entire experience enjoyable.
If you’re looking to purchase a home on a tight budget, winter is the best time to buy a house. This is because homes are usually the cheapest in spring. Sellers are usually motivated, allowing buyers like you to gain an advantage. Not only that, but many people also tend to suspend their house listings from Thanksgiving up to the New Year due to the assumption that buyers are often scarce at this time. Meanwhile, sellers who list during this period will want to put their property on sale as soon as possible. They may also be willing enough to include extra perks such as window treatments or appliances.
Even so, the winter season also means limited inventory. For this reason, it may prove to be a bad time to purchase a house unless you’re willing to work with a fairly limited range of options.
During the Fall
Aside from the winter season, purchasing a home during the fall can also be ideal, particularly if you’re strapped for cash. Like sellers’ attitudes in the winter, they also get more motivated as summer comes to a close, lowering their prices to secure every opportunity to land a deal. Despite this, there’s also limited inventory during this time since many sellers tend to avoid moving during the season holidays. This offers you plenty of room to make negotiations when you make offers.
During the Summer
This season is a busy one for buyers, but you’ll still be able to snag a great deal if you’re willing to wait it out until the season ends. This is because the market is packed with buyers who are ready to compete for their purchases, especially in the early part of summer. Because of this, it’s best to move quickly.
You can expect to come in with strong offers not solely hinged on price. Most sellers will want to go for buyers who are serious and have the capacity to close a deal. Buying in the summer is a perfect time if you need to put your home up for sale to purchase a new one. You can also get a great chance to time your purchase and sale together due to the large pool of buyers on the hunt for new homes.
If you want more advice regarding how to secure the best deals for your home, visit Home Legal Direct’s website at https://homelegaldirect.com/ and get advice on the next steps you can take to secure your dream home.