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There are many factors to consider before you buy a home, such as market conditions and how much you can afford as a down payment. Another factor, which is often overlooked, is the time of year. Choosing the best time of year to buy a home can make house hunting much easier. You can also land a deal that might surprise you. In this blog post, we’ll delve into how different seasons affect home availability, pricing, and competition.
Winter
One of the advantages of searching for a home in winter is that there are fewer buyers. Most people prefer to house hunt when the weather is nice, so you’ll experience less competition when negotiating with sellers during the winter. As a result, you may get a better deal, especially if you’re searching for real estate in prime areas like Isle of Palms Wild Dunes or Mount Pleasant, SC.
You may also find that house prices during winter tend to be lower. This could tie in with the fact that there’s less competition. And because there’s less competition, it’s possible to get a faster closing. Agents and brokers have fewer clients, which can work nicely to your advantage.
Another advantage of purchasing a home in winter is that you’ll get to see how the home stands up against the elements. If you visit a home during heavy rains, for example, you can see if there are any leaks. Buyers may miss a roof leak if they purchase the home when there’s no rain. If the heating system is on, you can also determine if there’s efficient insulation.
Despite the many advantages, there are also disadvantages to buying a home during winter. One of these is that there might be limited inventory, which could limit your choices. As a result, you may not find the property of your dreams.
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House hunting during cold, wet weather can be miserable. However, as mentioned above, this could work to your advantage since there’s less competition.
Some homeowners and agents may be distracted over the holidays, making it more challenging to schedule things like appraisals and inspections.
Finally, bare trees and dormant grass may make houses look less attractive than during the spring or fall months, making it difficult to get a true sense of a home’s curb appeal.
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Spring
Spring often means new beginnings, which makes it a popular time for buyers looking for homes. At the same time, sellers are eager to list their properties before the school year starts in September. This means that when you search for a home in spring, you’ll have plenty of homes to choose from at different price points.
In addition, lush green lawns and blooming flowers will let you see a home’s full curb appeal. The weather will be pleasant, too, which can make house hunting fun.
You can also take the family along during spring break. House hunting in spring allows everyone to have a say in picking out the family’s ideal home. Many buyers pick a home during the spring so that they can move during the summer in preparation for the new school year.
However, spring offers some disadvantages, too. Since there are more people house hunting, there is a higher demand, and you may see houses with lots of offers. Bidding wars can get fierce during the spring.
Since the demand is higher, home prices may be higher, too. Plus, buyers making offers may push the price up when negotiating. This can easily take you out of the running if your heart is set on a particular home. In fact, according to the 2023 ATTOM report, May is the worst time to find a deal when buying a home.
Summer
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Like spring, summer is a popular time to buy or sell a house. Families want to buy homes before the school year starts, and sellers hope to make their homes available for those families. For buyers, the warm weather makes it ideal to have open houses. In addition, the longer daylight hours mean they can extend their viewing hours into the evening. The beautiful and cooperative weather often makes appraisals and inspections smooth-sailing processes.
Like spring, there are disadvantages to buying in summer. Because summer is a popular time to purchase a home, it also means it’s an extremely competitive market. There will be lots of buyers bidding, which makes it easier to be outbid by more competitive and hungrier buyers who may arrive with all-cash offers.
House prices may be high as well. According to ATTOM, premiums are highest from May to July. If you’re willing to pay a higher price for your ideal home, then summer will give you lots of choices.
Remember that since this is a busy time for the real estate market, real estate agents and brokers typically have their hands full. This may translate to longer closing times or longer response times from everyone involved in the home-selling process.
Fall
Once the homebuying frenzy slows down and everyone is unpacking and preparing for school, house sales tend to decline. With fewer buyers on the market, it may be a good time to search for the house you want. The 2023 ATTOM report shows November is the best time to buy a home—it’s when you’ll get the best deals. So, think of your home purchase as a nice Thanksgiving treat.
You may also find sellers eager to get rid of their homes. Their houses may not have been snatched up during the spring and summer frenzy. This could leave them frustrated and more likely to take the first offer.
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You’ll still have beautiful fall weather, and the falling leaves in shades of orange and red could add to the curb appeal of many homes on the market.
Like winter, you will also have a chance to assess properties better. The heating system may be on, or there may be random bursts of showers. To see if homes have leaks, try to schedule visits when there’s rain.
The advantages may extend to your taxes as well. Consult a tax professional to be certain, but buying a home in the fall may offer tax advantages on property taxes or mortgage interest rates.
Every season brings its disadvantages, and fall has some, too. The major disadvantage is that the options will be limited. The best houses have typically been snapped up by the end of summer, leaving homes that many people may not want.
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Best Time to Buy a House: Factors to Consider
Although weather plays a prominent role when you’re house hunting, there are other factors to consider.
Housing Market Conditions
Economic conditions are the first thing any homebuyer should look at before deciding to purchase a home. Ideal conditions are when interest rates are low and financing your home is more affordable.
Supply and demand will also determine the right time to buy a home. If there is more demand than available homes, the competition may be intense, and the houses on the market will receive lots of offers. Alternatively, if there are a lot of homes for sale but not many buyers, sellers may be forced to drop their prices.
As the cost of living soars in some cities and not others, there could be a flood of people looking to move into your neighborhood of choice. This could affect the demand for houses and cause prices to increase.
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Location
Real estate agents often tell those thinking about buying a home to think about one thing: location. Location is everything, especially if you have children. Neighborhoods with good schools tend to have higher home prices. When purchasing a house, many homebuyers also consider factors such as low crime rates, how close the house is to downtown, and what the nearby amenities are. A less-than-desirable neighborhood, such as one near a freeway, typically has lower home prices.
Prime locations can also change. Some neighborhoods that were previously downtrodden may start to pick up. Others may take a downward turn due to natural disasters, such as flooding.
Personal Checklist
Besides external factors, the best time to buy a house is when you’re financially ready. At Dunes Properties, we can help you put together a personal checklist to ensure you’re prepared to purchase a home. Here are some details that should be on your checklist.
Financial readiness: Are you financially prepared? Take a look at your credit score to see if you are eligible for a mortgage. You may have to pay off your credit cards and other debts before committing to a house purchase. Besides your debt, look at your savings. At the very least, you will need money for a down payment and closing costs. Additional costs may crop up, so make sure your savings account has some padding.
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Employment: Another factor to look at is whether or not your employment is stable. If you have a stable job, buying a house can be a great next step. However, if you’re unsure of whether you will still be at the same job in a year or two, you shouldn’t purchase a home just yet. Your job may also offer you a position in another city. This is another reason to put a home purchase on hold.
Growing family: If you foresee a future with just you and your partner, you can pick out the number of rooms and the neighborhood with confidence. However, if you foresee little ones arriving or older children soon leaving the nest, you will need more or fewer rooms. You may also need to research good school districts.
Budget: While it’s nice to imagine what your dream home is like, you may not be able to afford it. Owning a home is expensive, and there are a lot of costs you need to think about. Some costs include mortgage payments, property taxes, house insurance, and maintenance costs.
Preferred features: Write down the features that are most important to you before you go hunting for a home. If you decide on a fixer-upper, do you have enough money for renovations or the patience to live for a while in less-than-ideal conditions? Make sure to note features you can compromise on and features you simply can’t do without.
Long-term goals: If you don’t see yourself living in that city in the next five years, it may not be worth it to purchase a home. Or, you may have adult children and decide you’d rather be close to them. Long-term goals are important to think through before making your final decision to buy.
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The Bottom Line
Buying a home is one of the most important decisions you will make in your life. For this reason, you’ll want to weigh all the factors carefully. Go over your finances and talk to our real estate professionals at Dunes Properties. We can help determine whether you’re ready to buy a home and when it is the best time of year to buy a home in your county of choice.