12 May When is the Best Time to Buy a House?
Best Time to Buy a House?
Whether it’s 2018, 2019, or 2020 that you hope to buy a home, apartment or condo, or invest in a rental income property, timing is important.
Stock market advisors suggest buying stocks continuously without regard to market fluctuations. In the housing market however, there’s a variety of factors you should know about before you plunk down hundreds of thousands of dollars. Here’s where you can save plenty of money and maybe even acquire a property that is otherwise out of reach.
In real estate, timing in buying, may be even more important than location.
In every major city, the market forecast is good. The Boston housing market, New York real estate market, Florida housing market, Houston housing market, Seattle, San Francisco, or Los Angeles housing market, the value of real estate has surpassed the stock markets, gold and of course your savings account.
Housing Market Best Timing
Let’s Summarize some of the Best home buy signals:
- temporary price depreciation/lull
- fall/winter season
- mortgage rate changes
- bad news/political upheaval
- avoid bidding wars
- look for properties poorly marketed or promoted
- avoid properties being sold by top Realtors in your town
- recessions/market crashes
- homeowner is having more trouble paying their debts (January, February)
- house is listed well below comps
Look for those times when the owner feels their home is worth less, or when you’re the only prospect. Avoid times when there is lots of competition which could push prices up by tens of thousands.
An if you’re a first time buyer, paying a huge chunk of your income to rent, this whole matter of buying at the right time is important to your current and future well being.
Avoid the Peak Times to Buy a House
So you’re wondering what time of year is best to buy a house? Or, are you wondering if there’s a time of the month where more houses suddenly come on the market, where you might get first dibs? Sometimes selling after a major weather problem might be a good time too.
The floods in Houston and Miami, and the fires near Los Angeles and landslides near San Francisco, are events that trigger bargain home purchases. If prices have fallen precipitously as they did in the Toronto housing market and the Vancouver housing market, then this bottoming out period might be a great time too.
Okay, for those without a strategic sense, buying in the fall months traditionally might be best to get lower prices. However, everyone pulls their house off the market during October, November and December. That can’t be good for a home search.
If you have a smart Realtor, and a real good home search strategy, you might be able to find those sitting on the fence and get a low ball offer in. You might get lucky and save tens of thousands of dollars and get a property that everyone else gave up on.
Is Spring the Best Time to Buy a House?
Spring 2018 is a great time to get started your house search. Home owners and buyers are arising from their winter dens and thinking about 2018. In many cities, the demand for homes has already started. Realtors are still talking multiple offers and bidding wars.
If homebuyers are actively listing to sell during January to March, then they are likely eager to sell their listed home.
They might be babyboomers sitting on the fence about selling (they’ve got nowhere to go) or they could be Generation X aged couples thinking about moving up to a larger property. A lot of buyers, perhaps you to want more space.
If you meet with these property owners you may be able to convince them to progress with their life plans. That means anytime time of year might be the best time to buy a home.
A report from Trulia shown below reveals fall prices drop by about 7% yet still remain 5% below for the months of January, March and February. You can find a bargain from January to April 1st. That means you should be looking right now for your next home or condo, before mortgage rates start to climb.
January, February and March might be the best time of year to purchase a property for real estate investors as well.
This might run counter to what people believe and have been told about the market. It might be harder to search for a home and get sellers to sell quickly. But remember, the actually possession date is off in the future.
People who might sell have more time on their hands in the Winter, especially if they live in Seattle, Chicago, Minneapolis, New York or Boston. It’ll be easier to get in touch with them and discuss your sincere, heart felt offer.
The best time to buy might be right now. If the economy improves and wages do rise, home prices will rise throughout the 2018 to 2020 period. Unless you’re very pessimistic and believe in catastropic events, demand for housing is unmet across the US and Canada. With more money in the picture, the longer you wait, the more it will cost.
Launching your Research to Negotiation Strategy
So now, you need to discover the best way to reach them. Having a realtor who feels similarly about the winter search timeframe is good. If they don’t like, go with someone else. The compatible Realtor is likely not busy so they can put a better effort into finding homes, approaching the homeowner, and working with you to put out the best offer.
They may even take a lower commission, but don’t push that. The Realtor will likely be worth the 2.5% you pay them. If you wait till April, May or June to buy, you’re getting the highest prices, most competition, and your Realtor is too busy handling multiple clients and micromanaging negotiations. So that’s the worst time to buy — when everyone else is.
Another bad time to buy? During the Super Bowl Game. Take a look at the Super Bowl predictions and put your money down, and then enjoy the game on Feb 4th, 2018.
When is the Absolute Best Time to Buy a House?
The very best, ideal time to buy a house in the winter, may be near or at the winter holidays such as Easter, spring break, or teacher professional developent days. Homeowners may be at home and may be most susceptible to the idea of selling and moving.
Late winter is a restless time for those in the cold, snowbound north, which is why a good number of people fly south for a vacation. Discontent, fatigue, boredom, and desire for something better is what gets them off the fence about letting go of their old house. Why do people sell in the spring? Because they’ve had enough after their winter of discontent. Catch them early.
Don’t worry about which days are best to buy a house. The key is to use your all channel accelerated home search strategy into action, and begin uncovering your dream house amidst winter’s gloom.
Good luck with your house search. You’ve found the best time to buy because it’s the best time for them to sell.
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