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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:
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.
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.
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.
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!