Timing is everything especially in real estate. Buying property isn’t cheap and there can be anywhere from thousands to millions on the line and the market can change overnight. A few weeks can mean the difference of thousands of dollars in the purchase price, realtors get asked all the time is now the time to buy or should one wait. That’s a hard question to answer much will depend on your local market along with your finances. That being said there are times of year that are better than others when it comes to buying property.
The spring market is the most active season in real estate. The long winter is done and everybody wants to be in their new home by the summer. Kids will be getting out of school soon and families want any moves sorted before the new year begins. There are more houses on the market at this time so if you’re shopping then you have better choices. Bear in mind that prices may be higher and there are more people bidding on houses.
Most of the houses that are on the market in the summertime are what didn’t sell in the spring. However that can be a good thing, once a house has been on the market for a couple of weeks with no movement sellers are more inclined to lower the price before the season ends. There are fewer buyers that are shopping around so you can find yourself a fairly good deal.
Fall and Winter Markets
This is typically a quiet time of year for real estate sales, with far fewer buyers and sellers. That is not necessarily a bad thing, those that put their property up for sale at this time of year generally want the deal done quickly and that is reflected in the price. Most of the sellers are looking at a job transfer or have financial difficulties forcing them to sell. You can find yourself some great deals at this time of year provided you’re willing to move in the winter.
Now to answer the question is now a good time to buy? The best time to buy is when you can get a good deal. However your personal situation will have a lot to do with when you buy. The important thing is to get your finance in order and know the budget you have to work with. Talk with a realtor and learn about your local market and if now really is a good time to buy, and then make your decision.