Does the timing matter when planning to buy a home? Definitely YES! Although it’s said the best time to buy a home is when you can afford it, the time or season when you initiate the home buying process also matters a lot. The real estate market is affected by market forces of demand and supply and knowing when to buy a home can make a big difference when it comes to getting a good deal.

Buying a home at different seasons of the year comes with its pros and cons. Therefore, it’s very important to understand each season’s market trends and how it impacts home value, demand, and inventory levels. In this guide, we shall look at the common real estate market trends at different seasons of the year to help you determine the most appropriate time to buy a home.

Buying a home in the Winter ❄️

During the winter season, the weather is cold and most people tend to be less active in the home buyer market. The real estate market also tends to cool down due to low demand and inventory. Sellers who list their homes during the winter season are those who are willing to sell their homes fast. In most cases, you will find homes listed at lower prices since there are no bidding wars from prospective homebuyers.

Therefore, if you are low on budget and you are looking for low-priced homes, the best time to buy a home will be during the winter season. Sellers have fewer conditions and they are more open to negotiations and faster home closing.

On the other hand, even though you are guaranteed affordable homes during the winter season, you might have a hard time getting your dream home. Low inventory means there are fewer homes to choose from. Due to the unfavorable weather conditions, there are fewer open houses during the winter season. For home inspectors, a proper home inspection is also limited especially on the roof due to the falling snow.

Buying a home in the Spring 🌺

During the spring season, the weather becomes warm and the real estate market starts to heat up too.  More realtors will start to actively list homes and the demand for homes will start rising. For homebuyers, there will be a wide variety of listed homes to choose from thus, increasing your chances of getting your dream home.

However, the increase in demand for listed homes by the growing number of interested homebuyers means bidding wars become a possibility. To increase the chances of your bid offer winning, you must prepare your mortgage application materials in advance and get pre-approved. Taking it a step further and getting your full Credit Approval will increase the chance of your offer being accepted. You can apply for your BuyNOW Credit Approval here

Home sellers are able to stage and show their homes better during the spring season due to the warm weather along with showcasing outdoor spaces. With the increase in bidding wars, home prices also increase since there are more homebuyers.

Buying a home in the Summer 😎

The housing market continues to heat up in the summer season with the number of inventory and demand for homes increasing drastically. The number of available homes and buyers competition increases with even a bigger portion than what was experienced in the spring.

If you want to buy a house in summer, you must be ready to make a fast move coupled with a competitive bid offer. Home sellers now focus on prospective homebuyers who are pre-approved and ready to close the home as quickly as possible. As a buyer, with all of your paperwork and approvals in hand you can easily get your dream home in your ideal location since there are plenty of homes for sale to choose from.

If you want to sell your current home and upgrade to a better one, this is also the best season to do so since there are plenty of homebuyers and sellers dealing with all types of homes.

Buying a home in Autumn 🍂

In the early fall, many buyers who managed to buy their homes in the summer season have already settled in before the school year can start. Since there is less inventory in the fall season, home sellers become motivated and are willing to sell their homes at lower prices. The move helps them avoid getting caught up by the moving-out bustles during the holiday season.

If you are cash-strapped and you still want to buy your dream home, early fall is the best time to place your bid offer.  The number of interested homebuyers also declines in the fall thus, reducing the bidding wars.

Home sellers are likely to give you more room for negotiations when you make your offer once the fall season kicks in. you might even get better deals from sellers who want to sell their homes before the year ends so that they can benefit from tax-write off. Real estate agents are also less engaged during this season and they get a better chance to search for you a home that is not only matches your budget but also taste and preference.

Every season of the year has its pros and cons and the best time to buy a house depends on a buyer’s financial muscles and personal preference. Apart from seasonality, there are other factors that you need to consider to determine whether it’s the best time to buy a house. You need to consider the prevailing market conditions as it has a direct impact on mortgage interest rates, inventory, and home prices.