When Is The Best Time To Buy A House

Dated: 11/29/2019

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When is the Best Time to Buy a House?

When you’re looking to purchase a new home you hear location, location, location. 

But, timing can also be quite important. There are some parts of the year that are a better time to buy a house than others.

 In this article, I'm going to break down some statistics that show the best time of the year to buy a home. 

Housing Market Trends The best time to buy a home really depends on what you’re looking for. 

If you’re looking for the widest selection of homes, giving you more options and a better chance of finding that “dream home”. 

The summer months usually offer the widest selection. However, if you’re strictly trying to get the best deal on a home, the most home for the lowest price. Winter months are where most bargains are seen, but inventory is at its lowest. 

This chart shows the number of new listings, days on market, and the percentage of homes selling above the list price. 

Real Estate Chart – Home Listing and Sales Data

Month

% of Homes Selling Above List Price

New Home Listings

Average Days on Market

Jan

23%

415,461

104

Feb

24%

447,898

101

Dec

16%

304,555

95

Nov

15%

390,568

87

Mar

26%

524,175

86

Oct

17%

462,216

84

Sept

19%

466,865

81

Aug

20%

5+3,502

75

April

26%

596,386

73

July

22%

542,378

71

May

25%

577,043

68

June

24%

669,375

67

 Best Time of the Year Get the Lowest Price on a Home

November – December 

As you can see from the chart, November and December are the months in which the fewest percentage of homes sell for more than the asking price at 15% and 16%. 

And they are the third and fourth ranks months in terms of average days on the market, but home listings are also at yearly lows.

The pool of home buyers is at its lowest in November and December, there are fewer options but the homes that are listed have been on the market for a few months. 

This means you can expect to get the best deal on a house in November and December, however, your options will be limited. 

Best Time of the Year to find the Most Options

April – July 

The most popular part of the year for buying and selling happens in the Spring through early summer. Between April and July, you will find the most home listings of the year. 

Prices will also be higher, bidding wars may be taking place because there are more buyers and the number of homes selling above list price is also at it’s highest. 

In these months, houses are flying off the market at their fastest rates of the year. 

You can expect to find many more options in April, May, June, and July but you’re going to pay for it. 

With a larger pool of buyers, sellers are less willing to take low offers or offer incentives like paying for buyers closing costs.

Best Days to Buy a Home 

Holidays 

The best days of the year to purchase a home are days when the competition is very low. Real estate agents say Holidays are the best days to submit a home offer. Christmas, Thanksgiving, Mother’s Day, Father’s day and even Valentine’s Day are good days to submit an offer with little to no competition. 

The Bottom Line.. 

If you’re looking to get the best bargain on a new home, then buying in the winter months is the best time to buy a house. 

If you’re more interested in a wider selection of homes, the Spring and Summer months have the most home listings. However, homes sell faster and often for more money than other times of the year.

Are you ready to buy a new home?

From: thelendersnetwork.com

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