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Homebuyer Tips

When is The Best Time of Year to Buy a Home?

If you’re in the market for a new home, you have no doubt pondered this question. When is the best time of year to purchase a new home? The answer varies greatly depending on where you live and what your needs are, but here are some general guidelines.

Where You Live

The best time for purchasing a home is often dictated by the region of the country in which you live. According to Zillow.com, Late summer and early fall are when you are most likely to find price reductions on homes in areas of the country that get cold weather for months at a time. Some sellers get nervous that their homes won’t sell once colder weather sets in and people start to stay indoors more often.

Inventory

If you want to shop for a home when the selection is greatest, Realtor.com recommends shopping in the spring and early summer. Most sellers – especially those with kids in school – tend to put their houses on the market at that time with the intention of selling and settled into a new home before the new school year starts. The downside is those sellers are also shopping for new homes, which could mean more competition for the homes that interest you.

Best Days to Shop

If you want to get really specific on the best time to buy a home, Attom Data Solutions, a real estate information company, knows exactly which days of the year are to buy a home and get the best price. The company looked at four years worth of real estate sales nationwide and discovered the best days of the year to buy a home at the best price are: December 26, 29, 4 and 7, October 12 and November 9.

There are many factors to consider when deciding to purchase a new home. When the time is right for you, remember to start by  getting pre-qualified online from First Bank Home Loans. Pre-qualification lets you know exactly how much you can afford to spend and gives you an edge if you are competing against other sells for the same home.


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