When is the Best Time of Year to Purchase a House?
This short article will describe when the best time of year is to purchase a house.
There are really two factors when considering what may be the better time to look to purchase a house. The first is the overall interest rate environment and determining if we are in a rising, falling or stable environment. If rates are dropping, then homes become more affordable, but this will bring more buyers into the market and push up asking prices. This would be a challenging market to buy in. If we are in a rising interest rate market, then that will detract buyers from looking and there may be more housing inventory to look at. It may also have a downward pressure on housing prices.
The second factor is the time of year or the season. There are traditionally 2 more busy periods – Spring and Fall. The spring market is by far the busiest time because families don’t want to disrupt school schedules for their children and will likely try to time the closing and subsequent moving to the summer months. These periods will make looking and finding a home more competitive.
With all that said typically the winter and summer months are usually better as there are fewer buyers in these periods.
There is no perfect timing to this with these two variables so it would be best to find a reputable and knowledgeable realtor to work with along with consulting with a Loan Officer to gain the best advice possible.