There are some common misconceptions about the best time to buy a home. Everyone considers Spring to be the best time, but in reality, Spring just happens to be one of the busiest real estate times of the year, not necessarily the best.
Spring is seen as a busy time because typically more listings are hitting the market, and it appears that more people are looking. People have been cooped up all winter, and come out for spring and consider a potential change of address. For most, buying a home in spring can benefit their schedule, as the kids are out of school, and going through with a move will be easier to manage during the summer.
While Fall is typically seen as a slow-down in most real estate markets, it could be one the best times to buy. As there are fewer listings to look at, people are usually buying with a purpose. They’re serious buyers, out to look, find something and make an offer. Spring can be hard with the influx of listings, people can go out to look, not actually intending to buy anything. You could have an open house in spring with a ton of visitors, but of those visitors, how many are seriously looking? But in Fall, people looking at houses typically mean business.
The best time to buy a house, is when it’s best for you. You can try to time your purchase to market trends, but most markets are constantly changing. You’ll find a home when it’s right for you. You have to consider your timeline. It takes most house hunters two to three months to find a home, before going through making an offer and closing. That time is subject to variation as it depends on the market and how many homes are available to look at. Some closings can take 30 days or longer.
If you’re selling a home, depending on your market and how competitively priced it is, it could only take listing it for a week to get an offer.
If you’re considering buying a home, keep an eye on the market. You could time it right or not, but either way you could find the perfect house for you or a family. The most active time of year, may not be the best time for you to buy. The number of listings could affect whether or not it’s a buyer’s or seller’s market, and that could be a factor that you want to consider.