The Update

When is the Best Time to Buy a Home?

Your home will probably be the most expensive item you’ll ever buy. That’s why it’s of utmost importance that you time your purchase right and learn the best time of year to buy a home. Of course, market conditions, like mortgage rates and the general state of the economy, will significantly impact the price of your new home as well.

Here are the best times of year to buy a home.

Winter

As the traditional slowest season for the real estate market, winter will generally bring the lowest prices on homes. As one of the few buyers on the market, you’ll also likely have an easier time negotiating a better deal with a seller. Finally, the professionals guiding you through the home-buying journey may be more available to work with you during this slower season, possibly making the process quicker.

Buying a home in the winter is not all fun and games, though. First, fewer homes for sale means slim pickings for you. If you’d like to have a wider selection of homes to choose from, winter may not be the best time for you to go house-hunting. Depending on the area of the country you live in, you’ll also be checking out homes and properties in less than ideal conditions.In addition, you’ll have fewer daylight hours to get a feel for the home’s true curb appeal and the amount of natural light that shines into it.

Late spring

The real estate market really blossoms in the spring. This is the time of year when you’ll see a large influx of new homes on the market. The warmer weather and longer days are ideal for scouting properties, inspecting roofs and exteriors of homes, as well as getting a feel for a community. You’ll also have a robust inventory of homes on the market to choose from.

However, shopping for a new home during the warmer months of the year means competing with many other shoppers who can be interested in the same homes you are. This can lead to higher prices, fierce bidding wars and the inability to negotiate for a lower price. Lastly, realtors and title agencies can be swamped during this time of year and may have less time to work with you, resulting in a lengthier buying process.

Early summer

Early summer is peak real estate season in the U.S., and often sees the most homes sold out of the entire year. The weather is still warm and the days long, making for ideal home-shopping conditions.

Shopping for a home in the summer means shopping the homes that are left over from the influx of spring. You may have slimmer pickings, but sellers will also likely be more eager to sell before autumn and winter arrive.

Use this guide to learn the best times of year to buy a home.

RGCU Mortgage Services

Are you looking to make a home move for you and your family? Rio Grande Credit Union offers a wide range of mortgage services that are tailor fit for your lifestyle. We offer a personal, local experience with competitive rates, dedicated service and unique home loan options. Together, we’ll find the loan that feels like home.