When to Buy a Home
Even if you get the best possible price on your home, buying a home is still one of the most expensive purchases you will ever make. Anything you can do to help you save is going to be time well spent. Paying attention to the market in your area and its timing is one way you can save money when buying.
No One Best Time for Home Buying
The truth is, there is no one perfect time to buy a home. The home-buying market changes with the season and each season has its advantages and disadvantages. Supply and demand, naturally, is going to affect the pricing of homes. In the warm seasons of spring and summer, more homes are listed for sale. However, this is also the time of year when more people are looking to buy a home, so prices are often high during the spring and summer months. On the other hand, during fall and winter, there are fewer homes on the market and often even fewer buyers. This is likely due to the demands of the holidays around this time of year, the difficult weather, and busy family schedules. Buyers will often need to lower their asking prices in order to sell homes during the winter months.
Try Buying Homes in Fall or Winter
Although wintertime will likely yield better value for buyers, the best month to buy a home is right at the start of the year – in January. The number of buyers is usually at its lowest in January, even in a seller’s market year. By January, homes on sale will have typically been on sale for over three months, which means sellers are willing to make deals. Even if buying in January isn’t an option, you can save thousands of dollars simply by waiting until the busy summer home-selling season is over.
Avoid Competitive Markets
May and June, on the other hand, are the least favorable months to buy a home for those looking to save. This time of year, homes sell quickly at a high median sales price. Sellers have little reason to negotiate when the market is so competitive.
First Time Home Buyers
First time home buyers looking to buy a house in January should start looking in early fall to find the best deals. By the time you’re ready to close on the house, you will likely be able to negotiate the price further down.
Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters
If you have more questions about the particulars of home buying, you can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We will help get you pre-approved for a mortgage, walk you through each step of your real estate loan, and assist with all your mortgage solutions, both residential and commercial. We serve the greater Portland area and are located in Gresham, Oregon.