When you are in the market to buy a home, it’s a good idea to know at least as much as your competition. Once you decide that you should buy instead of rent and how much home you can truly afford, it’s a good idea to figure out the best time to purchase your future property.
In fact, if you time it right, you may be able to find the house of your dreams for less. When there are a large number of homes on the market, your chances are optimized. And that season happens to be now. Check out some more important information below and find out why spring is considered homebuying season.
The Right Time
Typically, the months from April to July account for more than 40% of a year’s house sales, according to data from the National Association of Realtors. This is primarily because of the change in weather. It may seem silly, but homebuyers do not want to shop around at open houses in the cold and buyers do not want their homes to sit on the market too long. Spring is also an easier time to move and have repairs or outside work done. Families with school-age children are especially aiming to find a home during this time because they do not want their children to have to switch schools mid-year.
As success begets success, the more houses on the market, the more buyers feel they will find a home that matches their needs and desires. So during this time while there will often be more options available, there will also likely be more competition.
How to Succeed
If you want to buy a home during this year’s homebuying season, it’s a good idea to be prepared. Your goal is to convince the seller you are a better buyer than any competition. This doesn’t necessarily mean you have to have the highest offer. Consider offering the payment in cash, if possible. Also consider taking on repairs yourself so your lower offer is also the easier option for them. Likely most important, get your financing worked out ahead of time. Your credit score can have a huge impact on how much house you can afford, so make sure to check it well before you apply for a home loan. (You can check your credit scores for free on Credit.com.)
Of course, a good time to buy a home can also depend on your specific situation. And you may be better off getting a home in the off-season when there is less competition. But, if you’re looking to have the most options for your home (whether you are selling and want more buyers or buying and want more sellers), there is definitely a reason the experts consider spring homebuying season.
More on Mortgages & Homebuying:
- Why You Should Check Your Credit Before Buying a Home
- How to Get Pre-Approved for a Mortgage
- How to Search for Your Next Home