When you're ready to buy a home, you might be so excited to start the process that you disregard the market entirely. While you can begin working with local realtors at any time, waiting several months may benefit you.
The market fluctuates throughout the year. Seasonality can affect many factors, including purchase price, the number of homes available and competition. Therefore, being strategic about when you start your search can pay off.
Aim for Winter
Believe it or not, winter is the best time of the year for a buyer! Most buyers will shop during the warmer months.
The real estate market is hotter during the spring and summer. The weather is nicer, many have tax refunds to pad their down payment and families have kids about to take a few months off school. Therefore, it makes sense to shop in the spring.
Sellers know that. As a result, you'll see more listings in the spring. But with so many people looking to buy, prices get high. Depending on where you live, bidding wars can ensue. You can go through the entire buying process only to get outbid at the last second!
So why winter?
For one, there's less competition to drive up prices. Additionally, sellers who put listings up during the winter months are often very motivated to sell. Some buyers suspend their listings around the holidays because they know buyers are scarce. But those who keep their listings up typically want to sell as fast as possible. That means they may have more wiggle room in the purchase price. Some will even throw in extra perks to attract buyers like you.
Pair that with motivated local realtors wanting to get a commission during the slow season, and it's a recipe for success from a buyer's standpoint.
There are some challenges for buying in the winter. For example, there are usually fewer listings, fewer open houses to attend and more difficult inspection processes. But if you want a great deal and hope to avoid bidding wars that often occur during the spring, winter is the best time to buy.
Read a similar article about how to find qualified real estate buyers here at this page.
