The Best Time of Year to Buy a Home

forsale signs

If you’re considering making a home purchase in the near future, you’ve probably tried to determine the best time of year to buy. Here in the Northeast U.S., it’s very common to see a surge in home purchases just as the temperatures start to climb upward again after a long winter. Typically, the months between April and July are when the most home sales take place. This statistic is generally thought to be due to the fact that late spring and summer are vacation months for many homeowners, so they have more time to dedicate to listing their home on the market. Conveniently, this also means that buyers have more time to visit potential new homes that they’d like to purchase.

Another factor that makes summer an especially busy time for realtors is that most parents would prefer not to disrupt their child’s school year. Even families who move within the same school district are pretty reluctant to dedicate the time required for moving when school is still in session and the weather is usually just too cold.

Starting around April, home buyers are presented with a surplus of new homes on the market, which may allow you to find the house of your dreams. It may mean that you’ll be looking at higher asking prices, though. Because so many buyers are on the lookout for a similar combination of amenities, upgrades, and square footage, sellers tend to stay firm on their asking price. If the demand is particularly high, bidding wars may even shoot the final price of the home above the asking price.

With the information that April-July are when home sales start to pick up, now is a great time to start looking. As it is just before that sweet spot for sellers and many of them have just listed their homes, you’ll have a better chance at snagging the perfect abode before prices skyrocket. You’ll have less competition, and because of that, you may even get a better deal on a mortgage. Lenders are often willing to waive some of their fees if it means winning you as a customer.

Of course, the very best time to buy a home is when it’s best for you, with all factors considered, like your job status, how much you have in savings, interest rates, cost of living, and marriage or divorce. As it’s a momentous life event, buying a home is a transaction that must be taken very seriously. There are many steps involved, along with plenty of paperwork that can cause buyers to become overwhelmed or anxious. Going it alone can be nail-biting, wondering if you’ve missed any important details.

At Veitengruber Law, we see our clients through the home buying process all the way from making an offer to the closing. We have the experience to be able to help you navigate all stages of your experience so that your fears and concerns are quelled, and you can enjoy buying a new home. By assisting you in the negotiation process, reviewing or drawing up the contract, performing the title search, obtaining land use or zoning permits, and attending the closing, we’ll be there to meet all of your real estate needs.

Photo courtesy of Images_of_Money

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One Response to The Best Time of Year to Buy a Home

  1. Pingback: Real Estate Closing Costs: What are They and Who Pays? | Veitengruber Law

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