Finding the right time to buy a house can depend on your situation, but there are some clear trends. Real estate is big business, and it also tends to move with the seasons.
A huge decision like buying a new home is one that at least deserves some research on the best times to buy property in the country. Follow along as we try to help you decide whether you should be looking to buy a home now, later, or ever.
In the Winter
Winter offers its own unique set of advantages and disadvantages to home buyers. Surprisingly, the cold winter months can be a bit more forgiving than summer when finding a great deal.
Also, many people try not to put a property on the market during this season because they think that homebuyers are scarce. On the other hand, those who decide to put up their homes on the market in the winter often need to make a sale fast. Therefore, these sellers may be more willing to offer great deals and some perks.
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Today's Mortgage RatesHowever, it’s essential to remember that although house prices may be lower this time, supply may be limited. You might have a more challenging time finding your dream house.
Also, you will need to navigate snowy streets and the cold weather while you’re house hunting, which isn’t really pleasant. Moreover, you may not also see a property’s fullest potential during this time.
Despite these challenges, you will find that the closing process is a lot faster in winter because lenders process fewer applications. You will also find that more available real estate agents and inspectors are available to accommodate you.
In the Spring
When it comes to Spring, consider this the hottest time in the real estate market. The season drives a lot of buyers, with the weather being more pleasant and the school’s out. Although this is a good thing, the competition is tighter for buyers and sellers alike.
The real estate industry booms during this time because the houses are shown in a more pleasing light. Moreover, there’s pent-up demand, specifically for the many people that sit out the winter season.
There will be tons of real estate agents, home inspectors, and appraisers available to help you in your purchase. Also, the number of lenders that approve your mortgage is typically higher than in the winter.
Although prices tend to be a bit higher during this time, families who want to get settled before the new school year are around; hence, the growth of real estate.
In the Summer
Summer is still a busy season for real estate, but if you want to get a great deal, it’s best to purchase a home at the end of the summer. This is because buyers are moving quickly, so, you need to come up with a strong offer. Remember, sellers want to go with a serious buyer who can close the deal.
There are areas where the market slows down a bit closer to August, so you get to find great deals in late August. It’s also important to remember that houses that don’t get snatched in spring and summer don’t mean that they’re “bad” houses. There are many reasons a home might not have sold, such as the buyer backing out.
The Right Home at the Right Time
Knowing how the real estate industry works in each season is crucial when buying a home. Still, the best time to buy a house is the time that works for you. There are many things to consider and analyze, but the most important thing is to settle for the best option for you.
Whether you’re buying a house for the first time or not, MidAmerica Bancorp, Inc. can help you. We offer a range of mortgages with low down payment options. We are licensed in the following states: Illinois, Indiana, Florida, Michigan or Wisconsin. Get in touch with us at (708) 237-4050.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
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