Real Estate Buyers

When Is the Best Time to Buy a House?

Following is an article written by Daniel Bortz. I think, you'll find this an interesting read.

Timing determines so much when you're buying a house. Although the best time to buy a house is when you're ready both financially and emotionally, there are other factors that can help you decide when to buy a house.

By timing your purchase just right, you can nab a great home that's just right for you.  

What Is the Best Month to Buy a House?

Let's make this clear: There's no such thing as a guaranteed "best month" to purchase a home. (C'mon, we never said this would be easy!)

While some conventional wisdom says there is a best time of year to buy a house — during spring home buying season (April to June) — there are pluses and minuses when it comes to what month you choose to purchase a home.

(Note: Real estate is local. Determining a best time utlimately depends on conditions in your local market.)

Here we've outlined some of the reasons different months can turn out to be the best time to buy a house for you:

January to March. Winter isn't such a bad time to buy a house. Though there's less inventory — meaning there are fewer homes for sale — there are fewer home buyers too, so you have less competition. That means there's a lower likelihood of a bidding war, which can be a stressful experience for home buyers. Another benefit of buying a house during the cold-weather months: Home prices are typically the lowest they'll be all year.

Still, there are drawbacks to buying a house between January and March. Inclement weather can also be a challenge, since snow or ice could make it difficult to drive around and view homes or do a thorough home inspection of some elements, such as a roof. 

April to June. Welcome to spring home buying season— the peak months for not only housing supply, but also the number of home buyers shopping for houses. Because most families want to move when the kids are out of school, there's a big incentive to buy a house this time of year, since many home buyers need to allow 30 to 60 days for closing.

The warmer weather also makes open houses more enjoyable, landscaping easier to evaluate, and inspections more comprehensive.

Even though it's generally regarded as the best time of year to buy a house, there are downsides to the spring market. For starters, you'll face more competition from other home buyers —  meaning you have to move quickly when a great listing hits the market. Bidding wars are a lot more common, you tend to have less negotiating power, and home prices tend to tick up during spring.

July to September. If you can handle the heat (and a little competition), summer may be the one of the best times of year to buy. Now that the spring home buying craze is over, most home prices return to normal, allowing you to save some money. The sunniest time of the year also makes being outdoors and attending open houses more enjoyable.

The hot temperatures also give home buyers the opportunity to test how well a property's air conditioning system holds up in warm weather, which is something they can't usually test during other times of the year.

October to December. The main downside of buying a house in autumn is that there may not be as many homes for sale in the fall as there are in the spring. But it's not like the market goes completely quiet.

Many home buyers consider fall the best time of year to buy a house because of price reductions. Because home sellers tend to list their homes in the spring, sellers whose houses haven't sold yet may be motivated to find buyers, and prices start to reflect that.

Daniel Bortz is a freelance writer based in Washington, D.C., whose work has appeared in "The New York Times," "The Washington Post," "Money" magazine, "Consumer Reports," "Entrepreneur" magazine, and more.

New Home Essentials

Photo: texashomeandgarden.com

Purchasing a home for the first time can be quite exciting. However, having certain items in a new home make the experience all the more enjoyable and most of all, convenient. Make sure that you have these recommended essentials so that you can stay home and enjoy your new home as opposed to having to leave to get these items as you realize you need them. That way, there will be more time to focus on where you want to place your furniture and how you want to decorate each room.

1. First Aid Kit - Injuries sometimes happen when moving. Make sure you're prepared!

2. Power outage supplies - You never know when an outage will occur. Make sure to have batteries, flashlights, bottled water, etc.

3. Fire extinguisher - Every home should have one of these. Imagine the potential damage you could prevent by having one of these quickly accessible.

4. Smoke and carbon monoxide detectors - These save lives and are absolute necessities. 

5. Cleaning supplies - Homes can get dirty on moving days with people constantly walking from outside to the inside of your home while moving furniture and boxes. We recommend having Bleach, Comet, a broom and dustpan, vacuum, mop, floor cleaner, sponges, wipes, and rags handily available for whatever messes you may encounter. 

6. Snow shovel -Be prepared for that first snowfall with a snow shovel. If not, you may not be able to back out of your driveway to go and get one. 

7. Tool kit - Whether needing a hammer to hang pictures or a screwdriver to install curtain rods, be prepared by having a basic tool kit in you home. 

8. Shower curtain - Don't wait until you're exhausted and in need of a shower on your first day in your new home to discover that you have a tub with no curtain! To avoid a wet floor or not being able to shower at all, make sure to put up one of these up on your first day. 

9. Spare keys - Get spare keys made for your new home as soon as possible. Give a key to each member of the household that will need one.  This way, in the midst moving, if a key is misplaced or someone accidentally locks themselves out of the house, someone will most likely have a spare key to unlock the door.

10. Lawn equipment  - Part of a home's appeal is its landscaping. Give your new home curb appeal by maintaining the lawn, hedges, etc.

11. Appliances - It's common for people to buy homes without appliances already present. Be prepared by bringing your own from your previous residence or schedule to have new appliances delivered by your move in day. 

The Best Time of Year to Buy a Home

Photos: photos: Steve Dunwell/Getty Images
Concept: Greg Chow

There is a myriad of information pertaining to the best time of year to buy a home as opposed to the worst time. Here's the breakdown:

Winter

November, December and January are great months to purchase a home. If a seller is willing to put their home on the market during this busy time of year, it can be assumed that they are ambitious and are also probably willing to be flexible when it comes to the selling price. People that sell their homes in the winter generally accept offers below asking price. 

Spring

A benefit to buying a home in the Spring is the high inventory. This is the time of year that new homes go on the market, so there is a vast selection for buyers to choose from. However, because of Spring's popularity for new listings, loan processing can sometimes take a little longer than usual. Also, bidding wars are common during this season, which can drive prices higher. 

Summer

May through late August is a convenient time of year to buy a home because children are out of school and people generally have more free time shop for homes and plan for a move. House inventory is also high during the summer, which like Spring, gives buyers an array of options. A possible downside of buying a home in the summer is that prices can be higher. However, if you find a home that you love during this season, you might want to still put in an offer because it's highly likely that if you don't buy it, someone else will. 

Fall 

After busy summers, home prices decrease in the Fall. Although the price drops are not always significant, a lower price is always a better price for any buyer. Year end tax credits are also an incentive to buy during the Fall because it's near the end of the fiscal year. Buyers have potential opportunities to qualify for tax deductions for the closing cost, property tax and mortgage interest. 

The Best Season to Buy 

There is no best season to buy a home. As long as you can afford the home that you want, have a good realtor, and are committed to becoming a homeowner, there's no reason that you should not purchase your dream home. Timing is everything and when it's right, go for it! Happy house hunting!

Pros and Cons of Buying a Smart Home

Photo: https://www.bluebonnetelectric.coop                                                                                                                                                                                                                                                                                                Article: https://lindowinsurance.com

There are pros and cons to buying a smart home. Click here to read about them. We're also interested to know what you think. Do you feel that the benefits outweigh the cons when it comes to buying a smart home? Let us know in the comments section below!

Home buying cost by state

 

Thinking of buying where you currently live or looking to relocate to another state and are not sure how much you will need? Click on the link below for a handy info graphic that will give you an idea. If the Lakes Region is where you currently reside or you're looking to move to our beautiful area, contact the experts at Melanson Real Estate for all of your real estate needs.

photo credit: simplifyingthemarket.com