A Basic Guide on the Best Time of Year to Buy a House

A Basic Guide on the Best Time of Year to Buy a House
Realtor Showing Hispanic Family Around New Home

There are almost 80 million homes in the United States occupied by homeowners, and that number is only continuing to grow. If you’re thinking about buying a house in the near future, you might be wondering what the best time of year to buy a house is. After all, there are certain times during the year in which you may be able to get a deal and you won’t have to deal with so much competition from other potential homebuyers.

But where should you start? Keep reading and learn more about when to buy a house to get the best deal.

When Is the Best Time of Year to Buy a House?

Before you buy any homes for sale, it is important to understand that the housing market changes drastically throughout the months. There is, in fact, a certain season for buying houses. If you’re looking for home buying tips, then you should absolutely buy a house in August.

Why in August, you might ask? This is because summer, particularly the month of August, is the peak of the home buying season. During the summer, most homebuyers will be looking to buy a house.

At the same time, countless people will be trying to sell their homes during this time. This means that the pool of available houses for sale will be massive and ripe for the picking. However, this also means that there will be a lot of competition when it comes to other homebuyers.

If you plan on entering the home buying process during the summer, it’s best to act fast. You might have a perfect home picked out, but the next time you check up on the listing, you might find that the listing has already sold to another buyer. This is not an unusual situation during the summer since houses tend to sell very fast.

The Details

The benefit of buying a house during August is that there are many options to choose from compared to the rest of the year. So, as long as you know exactly what you want from a house, you shouldn’t have any trouble finding the right home for you. However, there are some downsides to buying a house during the summer.

In particular, because there is so much competition, the average price of homes will be slightly higher than normal. If you are not averse to spending more than average on a nice house, then this may not be a big deal for you. However, if you are on a tight budget, then you may want to wait and buy a house at a different time of year.

You will also find that you will not be able to negotiate very much with the price of houses during the summer. Again, this has to do with the massive amount of competition that arises during the summer. But what if you are having a hard time getting a house during the summer?

In that case, it may be best to wait for another month to roll around.

Buying a House in the Off-season

While, in general, August is the best time of the year to buy a house, it may not be the best month for your individual case. For example, if you are on a tight budget, the increased home prices during the summer won’t be of much help to you. If that is the case with you, then you are better off buying a house in the off-season, such as the month of November.

During autumn and winter, there will not be many houses available on the market. For that reason, you won’t have as many options to choose from as you would when buying during the summer. Even so, fewer houses for sale means that there is less competition among potential homebuyers.

You won’t have to battle with other homebuyers to get a house as you would during the summer. Also, because there is not a lot of competition among home sellers, you will also be able to get a house for a much more affordable price. Selling a house is particularly tough during the winter, so you will notice some people trying to sell their house for very affordable prices during this time.

What You Need to Know

If you’re intent on snatching up an affordable deal or two, then it is essential that you make your purchase during the winter. As soon as spring rolls around, competition will slowly start to pick up again. Also, during the winter, you will have far more negotiating power than any other time of the year.

If you find a house that you love but find that it’s a bit too expensive for your taste; you might be able to barter with the home seller and get the house for several thousand dollars cheaper than the asking price. If you don’t want to wait until November to buy a house for cheap, then any of the other winter or autumn months should do the trick as well.

For more options, try April. While the competition will start to increase at that point, this might not be a problem for you if you are looking to browse different types of houses. You can look at these properties for sale to see what’s currently available.

Best Time of Year to Buy a House

There is not actually one single best time of year to buy a house. While August is best if you’re looking for the most options, it is not the best time in terms of price. On the other hand, November is the best time for finding very affordable homes.

To learn more, check out the rest of the blogs on our website.